The U.S Small Business Administration (SBA) today announced its third highest year of SBA lending to date, surpassed only by the SBA’s two record years of supporting more thanÂ $30 billionÂ in FY 2011 and 2012.
In FY 2013, SBA supported more thanÂ $29 billionÂ in lending to America’s small businesses, giving small businesses critical access to the capital they need to start and grow their business.
One of SBA’s primary missions is to ensure that small business owners have access to the capital they need to start and grow their businesses. Since President Obama took office, SBA has supported more thanÂ $126 billionÂ in lending to more than 260,000 small businesses and entrepreneurs. During the fiscal year, which endedÂ Sept. 30, SBA loan approvals supportedÂ $29.6 billionÂ (54,106 loans) to small businesses in its two main loan programs, 7(a) and 504, compared toÂ $30.25 billionÂ (53,848 loans) in FY 2012 andÂ $30.5 billionÂ (61,689 loans) in FY 2011.
SBA’s streamlining of the Small Loan Advantage (SLA) programs also continued to produce dramatic results, increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities.Â The program, which is a key 7(a) loan initiative designed to expand access to loans underÂ $350,000, was first launched inÂ Feb. 2011, and revamped inÂ June 2012.
SBA has significantly reduced paperwork for the SLA program and expanded our pool of lenders–changes that have resulted in a more than 300 percent increase in SLA loans and an over 700 percent increase in the number of lenders using the program. In FY 2013, SBA backed almost 5,000 loans for nearlyÂ $745 millionÂ through the SLA program.