Friday, November 07, 2014WASHINGTON -- The U.S. Small Business Administration 7(a) Loan Program reached another lending record in fiscal 2014, the agency announced Thursday. By the end of the fiscal year (Sept. 30), SBA had approved 52,044 7(a) loans for $19.19 billion, an increase of 12% in number loans and 7.4% in dollar amount over fiscal 2013.
In the SBA's northern Ohio district, loan volume reached a seven year high, with a 31% in the number of loans over fiscal 2013. Gil Goldberg, district director of the SBA's Cleveland District, said his office helped 1,909 small business obtain access to capital through agency loan programs during fiscal 2014, putting more than $337 million into the hands of small-business owners.
The 7(a) program is designed to provide small businesses with financial assistance to cover the majority of business expenses, such as short and long-term working capital, exports, and refinancing existing debt under certain conditions.
"This record-setting year is a win for small businesses, Goldberg said in a prepared statement. "We are grateful to the SBA participating lenders in the [Cleveland] district -- their service to the entire small-business community is exemplary. In addition, their help to smaller, neighborhood-based businesses, for which there may be less access to capital, has meant northern Ohio loans of $150,000 during the past fiscal year also led to higher levels of financing in the district for underserved smaller businesses, such as those owned by women, minorities and veterans."
The top participating lender in the SBA's Cleveland district was Huntington National Bank followed by US Bank, JPMorgan Chase, Key Bank and First Merit Bank.
SOURCE: U.S. Small Business Administration.
Published by The Business Journal, Youngstown, Ohio.
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