X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – The SBA capped off its fiscal year by approving a record number of loans to women, minorities and veterans. The SBA backed 74,825 7(a) loans totaling $12.5 billion to small businesses, and 8,168 loans worth $3.9 billion under the 504, or Certified Development Company, program for fiscal year 2004, which ended on Sept. 30. The number of loans made under each program and the combined total were record highs, according to the SBA. Women and minorities benefited from record levels as well, each more than doubled the levels set in 2001. Overall, nearly a third of SBA-backed loans went to minorities, and the number of loans to African-Americans, Hispanics and Asian-Americans rose 32%, 31.7% and 33.7% respectively. The number of loans to women increased 27.3% over FY 2003, and the loans to veterans were up by 21%. SBA loans of course have become very important to credit unions as they work to serve their business members. Credit unions received a boost last year when the SBA opened up its 7(a) program to all CUs, not just community charters as was previously the case.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.