financial services

SBA says 2012 ‘banner year’

Posted 11/20/12

BOSTON – The U.S. Small Business Administration proclaimed that its fiscal 2012, which ran from Oct. 1, 2011 through Sept. 30, was a “banner year” for the agency.

The group provided $1.4 billion in loans to New England small businesses, backing 4,119 loans in the six New England states.

According to the SBA, the Certified Development Company/504 Loan Program outshined all expectations this past year with 636 projects totaling $869 million in loans supported. The temporary refinancing provision which expired in September, was partially responsible for the record year.

In addition, the SBA booked 180 microloans totaling $4.5 million through its intermediaries located throughout New England.

The SBA also guaranteed 3,314 loans through its flagship 7(a) Loan Guaranty Program for a total of $557 million.

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