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Latino Daily News

Monday October 4, 2010

SBA Writes More Than $22 Billion in Small Business Loans

Loans guaranteed by the U.S. Small Business Administration to small businesses and entrepreneurs continued to rebound in fiscal year 2010.  In fiscal year 2010, SBA supported more than $22 billion (54,833 loans) in lending to small businesses through its two largest loan programs, compared to more than $17 billion (47,897 loans) in fiscal year 2009.

November 2009 represented the highest single month loan volume in fiscal year 2010, with $2.18 billion in loans.  This was also the highest single month loan volume SBA has seen since September 2002, which was $2.34 billion.

Under the Recovery Act, signed on Feb.17, 2009, SBA was able to raise the guarantee on its 7(a) loans to 90 percent and waive fees on both its 7(a) and 504 loans. These Recovery enhancements drove a significant rebound in SBA lending in 2009 and 2010.