Two months before the fiscal year ends on Sept. 30, the U.S. Small Business Administration has already backed more loans in its 7(a) and 504 programs than ever before in its 51-year history.
As of Aug. 6, the SBA’s 7(a) loan program had guaranteed 67,493 loans for fiscal year 2004 – more than the record 67,306 made in fiscal 2003. The agency also backed 6,974 loans through its 504 program, surpassing the 2003 record of 6,863.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
The record-breaking numbers represent 23 percent more 7(a) loans and 27 percent more 504 loans.
“I am hopeful that we can continue this trend. … This is good news for America’s small-business owners,” said SBA Administrator Hector V. Barreto. “Over the past 11 months, American farms and businesses have created 1.5 million jobs. We know that when the economy is growing and jobs are being created, small businesses are always in the lead.”
Loan guarantees to African-Americans, Hispanics and Asian-Americans are also 30 percent ahead of their totals at the same date last year. Loans written to women are up by 25 percent and rural loans are 11 percent ahead.
