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October 18, 2017

SBA lending in Maine increases 16% in total lending volume

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%.

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.”

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