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SBA hits lending record

Industry News | January 1, 2015 | By:

The U.S. Small Business Administration (SBA) 7(a) Loan Program reached another lending record in FY 2014. By the end of the fiscal year (Sept. 30), the SBA had approved 52,044 7(a) loans for $19.19 billion, an increase of 12 percent in number loans and 7.4 percent in dollar amount over fiscal year 2013. The 7(a) program is designed to provide small businesses with the most comprehensive type of financial assistance to cover the majority of business expenses.

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