SBA Issued $30.25 Billion In Small Business Loans During 2012
The Small Business Administration backed $30.25 billion in small business loans during the 2012 fiscal year, the second largest amount in the organization’s history. Although the figure marks a slight decrease from 2011′s record $30.5 billion, last year’s loans were stimulated by incentives enacted under the Small Business Jobs Act of 2010, while this year’s loans were not.
The SBA’s Certified Development Company (504) loan program had a record year, backing a total of $15.09 billion in small business loans. This program was supported by temporary refinancing measures included in the Jobs Act. The refinancing program, which recently expired, accounted for 26 percent of 504 loans during FY 2012 and 34 percent of the overall dollar volume.
SBA Administrator Karen Mills said that these numbers reflect growing confidence in the country’s economic situation, suggesting that more robust credit markets will result in job growth as business spend more money. Small Business Loans