Karen Mills, SBA Administrator, said, "Reaching such strong numbers is a clear sign that both the business and lending communities are regaining confidence..."
San Francisco, CA (PRWEB) October 16, 2012
The U.S. Small Business Administration (SBA) announced on October 9th that it posted the second largest dollar volume ever in fiscal year 2012, amounting to $30.25 billion in loans.
The record year was in part driven by the SBA 504 loan program, which included temporary refinancing for business real estate. 26% of the loans and 34% of the loan dollars were in fact with 504 loans, also known as the Certified Development Company (CDC) 504 program. Thanks to the pent-up demand for commercial real estate financing, and the number of maturing loans written before the economic crash, the 504 program suited many small businesses.
The SBA totals for fiscal year 2012 included 44,377 loans under the popular 7(a) General Business Loan Program totaling $15.15 billion dollars; and 9,471 loans supporting $15.09 billion dollars under the 504 loan program. The amount was only surpassed by fiscal year 2011, which had a heavy boost from the Small Business Jobs Act of 2010.
The SBA has begun to streamline and simplify loan programs, and increased some of the limits to loans this year, including the CAPLines program. This has encouraged some banks back into the fold.
Karen Mills, SBA Administrator, said, "Reaching such strong numbers is a clear sign that both the business and lending communities are regaining confidence...", said Mills in the October 9th press release.
Sunovis Financial specializes in SBA loan services. The mission of the company is to help rebuild the U.S. economy, one business and one loan at a time. Sunovis assists small businesses as well as small banks.