Federal Small Business Lending Trends Upward
The U.S. Small Business Administration (SBA) facilitated 1,933 loans to Massachusetts small businesses in its fiscal 2012 year, a marked increase from last year.
That number represented $692 million in loans from the SBA's loan programs, including the 7(a) Loan Guaranty Program, the Certified Development Company/504 Loan Program, and microloan programs.
Just over $600 million was loaned in fiscal 2011, according to the SBA.
Massachusetts is home to the fifth-largest number of 504 and 7(a) business loan recipients, the SBA said. The federal organization lends money directly, but also backs loans issued by private lenders, helping small business owners who may have a hard time getting debt otherwise.
"Our loan programs helped 137 lenders keep the credit flowing to their small business customers. More than 20,000 jobs were created and retained this year as a result of their participation with the SBA. This is good for small business and the economy," said Robert H. Nelson, director of the SBA Massachusetts District Office.
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