Over the past six quarters, the SBA's loan program has postedthe second-largest dollar volume ever, supporting $30.25 billion inloans to small businesses, the agency said.
|That record occurred in fiscal year 2012, which ended on Sept.30.
|The SBA said the near-record pace was driven in part by a recordyear for the Certified Development Company (504) loan program,which supported $15.09 billion in small business credits.
|In its two main programs, the 7(a) and 504, small businessesreceived 53,848 loans totaling $30.25 billion during FY 2012. Loanvolume in FY 2011 totaled $30.5 billion and $22.6 billion in FY2010, according to the SBA.
|Over the past year, the agency said it began streamlining andsimplifying many of the loan programs in order to provide moreaccess and opportunity for both lenders, including creditunions, and small businesses.
|As part of this effort, the SBA said it encouraged lenders touse more of their own paperwork and the agency's updated processingsystems, so that more than 80% of its loan applications can now beprocessed online.
|“Reaching such strong numbers is a clear sign that both thebusiness and lending communities are regaining their confidence inthe economic climate of the country,” said SBA AdministratorKarenMills. “It means that the credit markets are increasinglywilling to help small businesses establish themselves, grow andcreate new jobs for Americans.”
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