Small Biz Lending Hits Record High in 2016

Date: January 31, 2017

 

Small businesses are on the rise in Georgia.

In 2016, small businesses in the Peach State took out $1.4 billion in loans under the Small Business Administration (SBA) program, reported the Atlanta Journal-Constitution. This loan total was a record for the state and a nearly 15 percent increase over the previous year. The volume of loans given to women-owned and minority-owned businesses saw similar growth as well.

SBA Georgia District Director Terri Denison told the Journal-Constitution that they were very excited to see this record level of lending activity because it means small businesses are growing, jobs are being created, and the economy is continuing to rebound following the Great Recession. Prior to the recession, the SBA loan program in Georgia had peaked at $789 million in lending.

Additionally, the Atlanta-Sandy Springs-Roswell metro area in particular has seen significant growth for small businesses. According to the American City Business Journals, Atlanta is ranked in the top 10 for small business growth since the recession. From 2010 to 2014, the number of small businesses in the metro area grew from 126,405 to 130,649, ninth best in the nation.

Related Content: Small Business News | Economy | Georgia

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