Tuesday, February 14, 2012
SBA 7(a) Weekly Lending Update
SBA 7(a) loan volume is off 53% from last year. So far the SBA has approved $4,721,687,000 in SBA 7(a) loans. Last year at this time, the SBA had approved $9,988,144,000 in SBA 7(a) loans. Many people attribute the drop to the reduction in the percent of guarantee from 90 now down to 75. With lenders assuming a greater share of the risk of the loan, they have become a little more selective. Borrowers now need to figure out which lender is out there still willing to do their loan. There are many lenders still out there doing SBA loans.