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SBA 7(a), 504 Loans Set Records for 2007

The Small Business Administration said today its 7(a) and 504 loan programs have set records with 110,275 loans approved totaling more than $20.6 billion as of Sept. 30, the end of the agency's fiscal year.

By Michelle A. Samaad | Updated on October 23, 2007

WASHINGTON — The Small Business Administration said today its 7(a) and 504 loan programs have set records with 110,275 loans approved totaling more than $20.6 billion as of Sept. 30, the end of the agency’s fiscal year.

The 7(a) loan guaranty program, which is most often used for working capital, increased the number of loans from 97,290 in FY 2006 to 99,607 loans in FY 2007, although the dollar volume declined slightly from $14.52 billion to $14.29 billion. The Certified Development Company or 504 program, used for the purchase of real estate and fixed assets, provided 10,668 loans worth $6.31 billion, up from the 9,943 loans worth $5.73 billion in FY 2006.

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