SBA 7(a) loan approvals totaled a whopping $411,606,000 for the week ending 6/28/2013.
2nd quarter SBA loan volume is now up from the prior quarter, reversing an almost year long decline.
Here is a breakdown of SBA 7(a) quarterly loan volume for the last year:
2nd quarter 2013 $4,273,683,000
1st quarter 2013 $4,049,146,000
4TH quarter 2012 $4,173,790,000
3rd quarter 2012 $4,359,166,000
2nd quarter 2012 $4,039,042,000
1st quarter 2012 $3,443,723,000
Notice how loan volume surged about 17% in the second quarter of 2012? The third quarter also grew but only at about an 8% pace. Since then loan volume had been slowly eroding until now.
This up-tick in loan volume bodes well for the economy.
Remember, SBA 7(a) loan volume is a leading economic indicator as the correlation coefficient between SBA 7(a) loan volume and GDP is a statistically significant 0.86.