SBA breaks records in commercial financing loans
- By David Hubler
- Oct 04, 2006
The Small Business Administration reports that the agency set records for SBA-backed commercial financing loans in fiscal 2006, with new highs in the number of loans to small businesses and their total value.
SBA Administrator Steven Preston said SBA had backed 100,197 loans worth $19.1 billion under its two primary small-business loan programs during the 12 months ending Sept. 30.
Both the number of loans and the dollar amount are single-year records for the agency, topping the previous records set in fiscal 2005, when SBA provided a net of 94,554 loans worth $18.1 billion under the same two programs. Preston said it was the sixth consecutive year of increased loan figures.
According to SBA, one-third of the loans in fiscal 2006 went to minority borrowers, 32 percent to start-up businesses, 22 percent to businesses owned by women and 21 percent to businesses located in rural areas.
Increases were recorded in loans to African Americans, Hispanics, Asian Americans and Native Americans.
“These numbers reflect the confidence American entrepreneurs have in the U.S. economy as well as in the SBA lending program that backs their loans,” Preston said. “I am thankful to our lenders and resource partners for their steadfast commitment to small businesses.”
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.