advertisement
October 18, 2017

SBA lending in Maine increases 16% in total lending volume

Courtesy / U.S. Small Business Administration in Maine
Courtesy / U.S. Small Business Administration in Maine
Amy Bassett, Maine district director for the U.S. Small Business Administration, reported that in fiscal year 2017 the total SBA lending dollar amount in Maine was up by more than 16%.

SBA in FY 2017: By the numbers

Nationally, SBA approved over 68,000 loans in the 7(a) and 504 loan programs in FY 2017. These programs provided over $30 billion to small businesses. Here's the breakdown:


  • Minority business owners received a record combined $9.58 billion in 7(a) and 504 approved lending, or 31% of the SBA's loan portfolio.

  • 7(a) lending to women-owned businesses (both majority and minority owned) grew in total dollar and volume, with lending exceeding $7.5 billion, an increase of $298 million from FY 2016.

  • 504 lending to women-owned businesses reached $955.2 million, a $277 million increase over the previous fiscal year. Loans to veterans totaled $1.15 billion for 7(a) and 504 lending.

  • The SBA continues to streamline and improve access to its loan program for small loans and emerging communities, delivering more than $5 billion in smaller loans of $350,000 or less.

  • SBA added 241 new lenders that have contributed to a healthy loan portfolio and one of the lowest loss rates in the SBA's history.

  • SBA approved 27,263 disaster loans for a total of $1.7 billion. That total includes 24,121 home disaster loans for a total of $1.3 billion and 3,142 business disaster loans for a total of $296 million.

  • SBA processed 84,705 home loan applications and 10,882 business disaster loan applications — a total of 95,587 disaster loan applications processed.

The U.S. Small Business Administration announced Tuesday its fiscal year 2017 lending numbers showing increasing loan levels in small business lending through the 7(a) and 504 loan programs, as well as increases in lending to women, veterans and emerging communities.

In Maine, the SBA approved 303 7(a) loans totaling $68.53 million, an increase of 3% over fiscal year 2016. During this same period, the SBA in Maine approved $39.76 million in 504 Loans, a substantial increase of over 48% from 2016. Overall, the total SBA lending dollar amount in Maine was up by more than 16% for FY2017.

SBA's flagship loan program, referred to as 7(a), provides small businesses with guaranteed loans covering the vast majority of small business needs including working capital, fixed and intangible asset financing, as well as refinance and export support through term and revolving loans. Nationally, in FY 2017 the 7(a) program reached more than $25.44 billion combined across 62,430 loans.

504 loans provide small businesses with long-term fixed rate financing to acquire fixed assets, and are available through Certified Development Companies (CDCs), SBA's community-based partners. Nationally, in FY 2017 the 504 program remained at zero subsidy, and grew to $5 billion in loan volume.

"We are extremely pleased to have assisted Maine small businesses with obtaining over $108 million of guaranteed financing," said Amy K. Bassett, SBA district director for Maine. "SBA knows that small businesses are an integral part of the Maine economy and we are committed to providing them with greater access to capital. These numbers indicate that our outreach is working and we look forward to working with our valued partners to help more small businesses access SBA programs and services."

Comments

Type your comment here:

Sign up now to get statewide business news each day with the Daily Report

 
Today's Daily Report
Today's Poll In the Moosehead Lake Region, should pristine wilderness be accorded greater economic value than clean renewable energy from wind power?<>
ADVERTISEMENTS
Most Popular on Facebook