SBA loan awards on record pace

by Wally Northway

Published: April 19,2010

ACROSS MISSISSIPPI — The Mississippi District of U. S. Small Business Administration (SBA) reached a milestone in mid-April, having guaranteed 700 loans valued at $130.7 million thus far in fiscal year 2010.

“We’re fast approaching another record year in the number and dollar volume of loans guaranteed,” said Mississippi SBA District director Janita R. Stewart.

SBA’s current fiscal year began Oct. 1, 2009, and ends Sept. 30, 2010.

To gain some perspective of this milestone, in all of FY09 the SBA in Mississippi guaranteed 770 loans valued at $144.93 million. That is just 70 loans more than approved in just over half of FY10.

“At this pace, and through the continued help of our participating lenders, we’ll shatter those numbers,” said Stewart.

At this time in FY09, there were 263 loans approved totaling more than $50.7 million and 275 loans approved totaling $69.6 million in FY08.

“That constitutes a stark 267 percent increase in loan numbers and 258 percent increase in loan dollars in FY09,” Stewart added, “and a 255 percent increase in loan numbers and 188 percent increase in loan dollars in FY08.”

Additionally, federal contract procurement opportunities to Mississippi small businesses have been on an upward trend. Mississippi 8(a), HUBZone, SDB Certified, Veteran-Owned, Service Disabled Veteran-Owned, and Women-Owned Businesses in Mississippi were awarded $389.8 million in federal government contracts in FY09.

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