WASHINGTON — Between June 2006 and 2007, the number of small business loans outstanding under $1 million increased by 15.0% between June 2006 and June 2007, according to a new report from the Office of Advocacy of the Small Business Administration.
The report, Small Business and Micro Business Lending in the United States for Data Years 2006-2007, uses both Consolidated Reports of Condition and Income from June 2007 and Community Reinvestment Act reports for 2006 to review small business lending activities by financial institutions. The report also covers savings banks and savings and loan institutions.
A subset of loans–those between $100,000 and $1 million–increased more than twice as much, by nearly 32.0 %, the data showed. The total dollar value of small business loans increased by roughly 8.0%.
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