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.

Nearly a third of all loans went to start-ups, and a third went to minority borrowers. Loans to minority groups increased by 7%, with the largest increase coming in loans to African Americans, which increased by 23% from 7,238 to 8,903. Smaller volume increases were recorded to business owned by Asian Americans, Native Americans and women, while loans to Hispanics declined slightly. Overall, loans to businesses in underserved areas amounted to more than 36% of total loan approvals.

There are approximately 377 SBA credit union lenders.