State SBA office reports yet another lending record

by For the MBJ

Published: April 13,2011

Tags: banking and finance, economy, federal government, lending, small businesses, stimulus

JACKSON — Although only half through its fiscal year, the Mississippi U. S. Small Business Administration has already set a new lending record.

On March 31, 460 loans were approved totaling $198,448,900.

“That’s far more than the $123,422,551 small businesses received from Oct. 1, 2009 to March 31, 2010,” said Janita R. Stewart, SBA’s Mississippi District director. “It also eclipses the $193,274,951 record dollar volume of loans set for the entire 2010 fiscal year.”

SBA’s 2011 fiscal year ends Sept. 30.

Increased activity is due in part to lenders and borrowers taking advantage of the higher government guarantees and reduced fees made available through the Recovery Act and Small Business Jobs Act, which expired Dec. 31. In addition, SBA’s 7(a) and 504 loan program limits were permanently increased from $2 million to $5 million for 7(a) and up to $5.5 million for manufacturers and certain energy-related projects for 504.

Source: U.S. Small Business Administration

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