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Main Street Wednesday – Congress Fully Funds SBA Through September 30

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September 24, 2014

By Bob Coleman
Editor, Coleman Report

WashingtonDCcityNo lending holiday is on the horizon this year as Congress has bumped SBA 7(a) funding levels to a record $18.5 billion for the balance of FY 2014 and for FY 2015.

Our friend Kent Hoover writes, “As of Sept. 5, more than $17.3 billion in 7(a) loans had been approved this fiscal year, which ends Sept. 30. That compares with $15.6 billion during the same period in fiscal 2013, but 7(a) lending surged last year in the final weeks of September as a government shutdown loomed. Nearly $18 billion in 7(a) loans ended up being approved in fiscal 2013.

“Large loans are a big reason behind the growth in 7(a) loans. Congress raised the maximum size of 7(a) loans from $2 million to $5 million in 2010. So far this year, the SBA has approved 1,676 loans of more than $2 million, totaling more than $5.1 billion, or 29 percent of total 7(a) lending volume. That’s up from $4.3 billion, or 27 percent, during the same period a year ago.”

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