During the first half of the year, total outstanding SBA loans under $1 million continued to decline, the agency said Friday.
Loans outstanding to small businesses at the end of the second quarter totaled $607 billion, according to the SBA. The 0.4% rate of decline in the second quarter is the slowest since the downturn began in 2008, the agency reported.
"Economic recoveries in the past have been volatile; however, this recovery has been marked by more volatility and prolonged persistence while small business owners try to regain a foothold," wrote Victoria Williams, an SBA economist in the agency's Office of Advocacy's Quarterly Lending Bulletin.
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