SBA 7(a) loan approvals for the month period ending August 31 totaled $1,566,118,000. That's a nice uptick from July's total. Here are the monthly loan approvals for the last few months:
August- $1,566,118,000
July- 1,385,753,000
June- 1,435,709,000
May- 1,484,588,000
April- 1,353,381,000
This uptick in loan approvals for August made it the best month in awhile.
Year to date approvals total $15,448,490,000 which is 13% more than last year which was at the time the second most ever in SBA 7(a) loan history.
This is good for both small business and the economy.
The correlation coefficient between Gross Domestic Product and SBA 7(a) loan approvals are a statistically significant 0.86.
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