October 23, 2007
SBA sets new loan record
By Matthew L. Brown
The U.S. Small Business Administration said it loaned $20.6 billion in 110,000 small business loans during its 2007 fiscal year.
The number of loans and the amount borrowed were both records for the administration, and do not include the $2.65 billion in venture capital funding provided by the administration to more than 2,000 companies.
According to the administration, nearly a third of all its loans went to start-up companies and another third went to minority borrowers, which saw an increase of 23 percent among African American-owned businesses.
SBA loan programs have set records for the past six years, and the administration has doubled the number of loans provided since 2000.
The number of loans and the amount borrowed were both records for the administration, and do not include the $2.65 billion in venture capital funding provided by the administration to more than 2,000 companies.
According to the administration, nearly a third of all its loans went to start-up companies and another third went to minority borrowers, which saw an increase of 23 percent among African American-owned businesses.
SBA loan programs have set records for the past six years, and the administration has doubled the number of loans provided since 2000.
WBJ Web Partners
Most Recent
Most Recent
0 Comments