According to SBA, another $332,045,000 in SBA 7(a) loans funded last week. That brings the gross loan totals to $16,774,472,000. The SBA has only authorized $17,500,000,000 in SBA 7(a) loans for its fiscal year which does not end until September 30th.
Once you factor in however loan cancellations and loans that are approved but never fund, we are only at about $15 billion through July. SBA is currently funding about $300 million in loans per week. Calculated another way, SBA has funded 86% of its authority, with 83% of the fiscal year remaining.
With nine weeks left in the fiscal year and assuming no surge in loan applications, SBA 7(a) lending should not be interrupted except for many just a few days.
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