SBA lenders are trudging through the dog days of summer as $350,585,000 in SBA 7(a) loans were approved for the week ending August 2nd.
Here are the weekly SBA 7(a) loan approvals since Memorial Day:
$371,108,000- week ending July 26th.
$302,740,000- week ending 7/19/2013.
$265,871,000- week ending July 12th.
$208,042,000- week ending July 5th.
$411,606,000- week ending 6/28/2013.
$361,478,000- week ending June 21st.
$362,297,000- week ending June 14th.
$300,328,00- week ending June 7th.
$291,446,000- week ending May 31st.
$378,585,000- week ending May 24th.
July was obviously a slow month as $1,385,753 in SBA 7(a) loans were approved while June’s totaled $1,435,709 and May’s were $1,484,588.
SBA 7(a) loan approvals for the second quarter ending June 30th had increased $224,537,000 compared to the first quarter. That’s less than a 6 percent increase. SBA 7(a) loan approvals are up about 14% year to date. So, it would appear that SBA loan approvals continue to growth, albeit at a slower pace.
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.