The number of small business loans under $1 million increased by 15 percent from June 2006 to June 2007, according to a report (pdf) released today.
A total of 8,633 institutions made 24.5 million loans valued at $685 billion. This compares to about 21 million loans valued at $634 billion the prior year.
The Small Business Administration's Office of Advocacy also reported that loans with a value of $100,000 to $1 million increased by almost 32 percent.
The total dollar value of small business loans increased by about 8 percent, according to the study. Meanwhile, smaller loans under $100,000, which usually include business credit card loans, increased in total dollar value by 9.4 percent.
All of these figures show higher rates of growth than the period from 2005 to 2006.
The report, "Small Business and Micro Business Lending in the United States for Data Years 2006-2007," also covers savings banks and savings and loan institutions. It ranks lenders in each state and territory by their small business lending activities along with large national financial institutions. For a complete ranking of lenders, click here. Lenders are ranked on their overall small business lending, not by lending under SBA programs.
A complete ranking of banks in every state can be found here.
Separately, the SBA announced yesterday that its Patriot Express Pilot Loan initiative approved more than $150 million in loan guarantees to about 1,500 veterans and their spouses. The program was launched late last June.
Source:http://blog.washingtonpost.com/small-business/2008/06/number_of_small_business_loans.html
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2 comments:
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