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SBA: Loans Hit Record High
The Small Business Administration approved $20.6 billion in loans for small businesses over the fiscal year ending Sept. 30, up from $20.25 billion in 2006, the agency reported this week.
The funds were spread out over 110,275 loan guarantees for banks and Certified Development Companies under the agency's two primary lending programs, with nearly a third going into start-ups, the agency said. The SBA backs loans to small-business owners from commercial lenders and other agencies, but doesn't make loans itself.
Loans to minority groups also increased, by 7 percent, over last year, including a 23 percent increase in loan volume for African-American entrepreneurs.
"This progress reflects the strength of our relationships with our lending and resource partners," SBA Administrator Steven Preston said in a statement.
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