Another $366,966,000 in SBA 7(a) loans were approved last week. The total so far for this fiscal year is $2,289,996,000. The fiscal year began October 1st.
This is a significant increase over last year when over the same period $1,383,738,000 in SBA 7(a) loans had been approved. The year before that only $750,228,000 in SBA 7(a) loans had been approved.
Obviously the Recovery Act enhancements of the 90 percent guaranty and the fee waiver are working. Interestingly the average SBA 7(a) loan amount has been $348,100. Last year it was $239,610 while the year before it was $199,600.
Businesses can take advantage of the no fees, low variable rates currently offered with the SBA 7(a) loan program.
That's something to be optimistic about (see the below post).