SBA sets new state loan volume record

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Published: August 23,2010

Tags: federal assistance, loans, small businesses

ACROSS MISSISSIPPI — A total of 1,000 business loans for more than $174.9 million have been approved by the U.S. Small Business Administration (SBA) for Mississippi small businesses, according to the SBA Mississippi District Office.

“The current level exceeds the previous record of $151.80 million in loan dollars achieved in fiscal year 2006 as well as the previous record of 770 loans guaranteed in fiscal year 2009,” said Mississippi SBA District director Janita R. Stewart.

SBA’s 2010 fiscal year runs Oct. 1, 2009 through Sept. 30, 2010, leaving approximately a month and a half to make even more loans this year.

“Although funding for the benefits of the Recovery Act has exhausted, SBA is still working toward getting an extension in September, when Congress comes back into session,” said Stewart. “Recovery Act provisions provide a domino effect in that they were successful in making credit more available to small businesses, which helped create/retain jobs which increased the state’s tax base which supports economic development.”

Nationally, SBA has seen more than 1,300 lenders that had not made an SBA-backed loan since 2007 process one or more loans, seen its average weekly dollar volume for SBA-backed loans rise by more than 90 percent in the 7(a) and 504 programs, and supported more than $29.5 billion in Recovery loans to small business.

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