SBA lending activity in FY 2013 tops $29 billion.
The U.S. Small Business Administration (SBA) has announced its third highest year of SBA lending to date, surpassed only by two record years of supporting more than $30 billion in FY 2011 and 2012. In FY 2013, SBA supported more than $29 billion in lending to America’s small businesses, giving small businesses critical access to the capital they need to start and grow their businesses.
“Small businesses are the engine of our economy, and reaching our third-highest year of SBA lending in FY 2013 demonstrates the strength and resiliency of America’s 28 million small businesses as they continue to recover from the Great Recession and drive our economy forward,” said acting SBA administrator Jeanne Hulit.
SBA’s streamlining of the Small Loan Advantage (SLA) programs also continued to produce dramatic results, increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities. The program, a key 7(a) loan initiative designed to expand access to loans under $350,000, was first launched in Feb. 2011, and revamped in June 2012. SBA has significantly reduced paperwork for the SLA program and expanded the pool of lenders—changes that have resulted in a more than 300 percent increase in SLA loans and a more than 700 percent increase in the number of lenders using the program. In FY 2013, SBA backed almost 5,000 loans for nearly $745 million through the SLA program.
For more information, visit the SBA website at www.sba.gov.