WASHINGTON — The Small Business Administration said it "has much more to do in 2008″ to achieve a number of reforms but felt 2007 fostered more entrepreneurs and helped them quickly get back on their feet after disasters.
In its 2007 Year in Review, SBA said the Gulf Coast hurricane loan backlog dropped from 94,026 in August 2006 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. Centralizing 7(a) loan originations and 504 servicing in its California centers, cut loan approvals down to an average of less than three days, SBA said.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
