WASHINGTON -- Building on what it describes as a strong 2007, the Small Business Administration said more reforms will come in 2008.
In its 2007 Year in Review, SBA said the Gulf Coast hurricane loan backlog dropped from 94,026 in August to 28,687 by the end of December 2006. By September, SBA disbursed $6.1 billion loans.
The agency said it also set records for both the combined number and dollar volume of loans in fiscal 2007 with 110,275 loans totaling more than $20.6 billion approved. As a result of centralizing 7(a) loan originations and 504 servicing in its California centers, loan approvals averaged less than three days, according to SBA.
Among its new loan program launches were the Patriot Express Loan Initiative, which produced more than 670 loans totaling more than $68 million since the program's debut in June.
For 2008, the agency said it plans to "redouble efforts" to boost small business growth and help disaster-affected communities quickly recover in 2008 "by clarifying goals and accountabilities for the next 12 months."
"Looking forward, the agency has much more to do in 2008 to achieve Administrator [Steve] Preston's reforms, but 2007 was a turning point, indicating positive results to come," the agency said.
--msamaad@cutimes.com
