The U.S. Small Business Administration indicated activity in small business lending programs have increased in the 2017 fiscal year.
The SBA approved more than 68,000 loans in the 7(a) and 504 loan programs, resulting in more than $30 billion for small businesses. SBA’s flagship loan program, referred to as 7(a), provides small businesses with guaranteed loans covering the vast majority of small business needs including working capital, fixed and intangible asset financing, as well as refinance and export support through term and revolving loans.
In the fiscal year, the 7(a) program supported loans of more than $25.44 billion combined across 62,430 loans. The 504 program grew to $5 billion in loan volume.
Lending to emerging community groups, such as women and veteran-owned businesses also continue to grow. Loans through the 504 program to women-owned businesses reached $955.2 million, a $277 million increase over the previous fiscal year. Loans to veterans totaled $1.15 billion for 7(a) and 504 lending.
Comments
Use the comment form below to begin a discussion about this content.
Sign in to comment