SBA reports solid demand for 7(a) loans

Northwestern Financial Review, Nov 15-Nov 30, 2004

The U.S. Small Business Administration reported that during the period of October 1 through October 22, the agency approved 6,215 loans for a total dollar amount of $1.036 billion in its flagship 7(a) loan guarantee program. Net of carry-over loan applications received before October 1, the SBA approved 4,669 loans for $659 million.

That compares to 4,205 loans approved for just under $644 million for the same period last fiscal year, !excluding carry-over applications, the average daily loan volume is approximately $50 million, higher than during the same period last fiscal year. In fiscal year 2004, which concluded on September 30, the agency disbursed 74,825 loans for $12.5 billion in the 7(a) program, surpassing a record set the previous fiscal year.