For the first time in the agency's history, the SBA said it hassupported more than $30 billion in loans.
|During the 2011 fiscal year, which ended Sept. 30, SBAloan approvals supported $30.5 billion (61,689 loans) in lending tosmall businesses and start-ups through its 7(a) and 504 loanprograms, compared to $22.6 billion (60,771 loans) in FY 2010 and$17.9 billion (50,830 loans) in FY2009.
|The totals for FY2011 include 53,706 loans totaling $19.63billion under the agency's largest loan program, the 7(a) program,and 7,983 loans for a total approval of $4.84 billion, supporting$10.34 billion in small business lending under the 504 CertifiedDevelopment Co. loan program.
|The supported amount for 504 loans includes the SBA share andthird party loans that are made by commercial lenders as part ofthe funding package, according to the agency.
|The SBAsaid the FY2011 total is the highest volume fiscal year in theagency's history, surpassing the $28.5 billion mark established inFY2007.
|SBA Administrator Karen Mills said the agency's record loanvolume was helped along by the Small Business Jobs Act and theRecovery Act, which in part, allowed the agency to raise theguarantee on its 7(a) loans to 90% and waive fees on both its 7(a)and 504 loans.
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