Small Business Loans Hit Record Level in 2004
Inc.:
The Small Business Administration last week reported record lending results in 2004, surpassing previous marks in two of its major loan programs and lending record amounts to women, minorities, and veterans.According to its results for fiscal year 2004, which ended on Sept. 30, the SBA backed 74,825 7(a) loans totaling $12.5 billion to small businesses, and 8,168 loans worth $3.9 billion under its 504, or Certified Development Company, program. The SBA reported that the number of loans made under each program represented a new high, as did the combined total of the two programs, which was more than double the 41,552 loans the SBA backed in 2001.
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