Increase In SBA Loan Applications Suggests Interest On Part Of Small Businesses

Date: November 12, 2014

Number Of SBA Loan Guarantees Has Increased In Each Of Last Three Years

A
number of media reports note that the SBA’s 7(a) loan program, which covers
most business expenses, including working capital and, under some conditions,
the refinancing of existing debt, set records in both the number of loans
approved and volume in FY2014. In all, 52,044 loans were approved under the
program for a total of $19.19 billion.

Overall, the total amount of SBA loan guarantees fell to $28.6 billion during
that period, a decline of about $1 billion from last year’s total. However, the
number of loans approved for guarantees has increased in each of the last three
years. The agency approved 58,000 loan applications in 2014, marking an
increase from 2013’s total of 54,106 and 53,848 in 2012.

What This Means For Small Business:

The increase in loan approvals
suggests growing optimism on the part of small businesses, which are more
willing to take on debt to fund construction, renovation, acquisition of
equipment and inventory, or working capital.

Additional Reading:

The Washington Post provides a national overview,
while the Middletown (DE) Transcript, the Watertown (NY) Daily Times, the Houston Business Journal, and the Wyoming Business Report provide regional
numbers.

NFIB NOVEMBER 2014 Report: Small Business Economic Trends

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