Demand for SBA-Backed Loans Sets a Record Pace
Law & Entrepreneurship News mentions a new SBA press release noting that:
“In the first quarter of the SBA’s fiscal year, the SBA, through its lending partners, approved 23,197 loans for $3.56 billion in 7(a) loans. This is up from last year’s pace where 18,822 loans were approved at $3.12 billion over the same period.”
Why is this notable? Because in the 7(a) Loan Program had a “personal best” in FY 2004. With the first 2005 numbers exceeding those of 2004, FY 2005 looks to be another record breaking year for 7(a) loans, the most common type of loan used for starting a small business.
A copy of the SBA Press Release in Adobe PDF is here.
