Mass. SBA Lending Up 22% For FY2013
Lending to small businesses in Massachusetts from the federal government’s most popular loan program rose 22 percent during the government’s recently-completed fiscal year, according to the U.S. Small Business Administration (SBA).
The SBA guaranteed 1,525 loans through its flagship 7(a) program. Those loans totaled $242 million. Under the program, the SBA guarantees bank-approved loans, which are available for startup and existing businesses to buy, renovate or build real estate, equipment and inventory, to finance investments and, in some cases, refinance debt.
Robert H. Nelson, the agency’s director for Massachusetts, called 2013 a “phenomenal” year for SBA lending in the Bay State. He also said the agency was beginning the 2014 fiscal year this month with new fee-waiver provisions on loans of up to $150,000. Nelson said waiving fees can save a business as much as $2,500.
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