SBA lending in state sets another record

JACKSON — The U.S. Small Business Administration has guaranteed 324 loans for Mississippi small businesses totaling approximately $153.139 million during the first three months of fiscal year 2011.

This represents a 60 percent increase in the number of loans approved and a 186 percent increase in loan dollars approved compared to the first quarter of fiscal year 2010, which had 203 loans totaling approximately $53.71 million.

An additional $3.2 million in ARC loans were made during the first quarter last year, but that program expired when the Recovery Act sunset, which makes these numbers even more substantial.

“It is a record for loan dollars approved in a quarter in Mississippi,” said Janita R. Stewart, Mississippi SBA District director. “(It is) even more impressive when you consider $193,274,951 in loan dollars were guaranteed for all of fiscal year 2010 in Mississippi, which was a record-setting year.”

SBA’s fiscal year runs from Oct. 1 through Sept. 30.