WASHINGTON — Due in part to less creditworthy applicants, theSmall Business Administration said loan activity in August andSeptember declined by more than 50% compared to the same period in2007.
|Loans decreased 29% to 78,317 and loan volume dropped 13% to $18billion, Mike Stamler, SBA's press office director, confirmed withCredit Union Times. The agency's lenders are seeing fewerapplications due to more stringent lending standards, not as manycredit-worthy applicants and the economy slowdown, the agencysaid.
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