SBA loan volume skyrockets
by Wally Northway
Published: January 27,2010
JACKSON — The U.S. Small Business Administration’s (SBA’s) Mississippi District Office continues to turn out big loan approval numbers in fiscal year 2010.
“We started this fiscal year rolling out loans in the same manner we ended fiscal year 2009,” said Janita R. Stewart, SBA Mississippi district director. “The volume of loans approved, both in number of loans as well as dollar volume of loans, are quite impressive.”
In the three months ended Dec. 31, participating lenders made 298 SBA-guaranteed loans in Mississippi totaling almost $56.88 million. Compared to the first quarter of fiscal 2009, this represents a 161 percent increase in the number of loans – the largest percentage increase in Region IV, which includes Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, and Tennessee – and a 133 percent increase in loan dollars.
These loans were made in two programs, 7(a) and 504.
Two provisions of the American Recovery and Reinvestment Act—higher guarantees and waived borrower fees—contributed greatly to the increased activity during the first quarter. These provisions have been extended through the end of February.
“This trend affirms that money remains available to qualified borrowers and may prove a positive sign in helping boost Mississippi’s economy,” said Stewart.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “SBA loan volume skyrockets”
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Family launches Billups Coffee with headquarters in Oxford
- Chris McDaniel responds to radio show audio clip
- ‘Just the beginning’ — Venture Technologies merging, acquiring companies
- Man indicted, accused of bankruptcy fraud
- Running luxury car dealerships, like Mercedes of Jackson, comes naturally to Trudy Higginbotham Moody
- Grenada native Donna Tartt wins Pulitzer Prize for 'The Goldfinch'
- TODD SMITH — Taco Bell and McDonalds take breakfast war viral; how to write killer news releases and more
- Chaney drops lawsuit against National Flood Insurance Program
- Fight between county, insurer over courthouse fire continues
- Judge to rule on release of Kemper power plant data