WASHINGTON — Due in part to less creditworthy applicants, the Small Business Administration said loan activity in August and September declined by more than 50% compared to the same period in 2007.
Loans decreased 29% to 78,317 and loan volume dropped 13% to $18 billion, Mike Stamler, SBA's press office director, confirmed with Credit Union Times. The agency's lenders are seeing fewer applications due to more stringent lending standards, not as many credit-worthy applicants and the economy slowdown, the agency said.
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