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SBA Approves Record Number of Loans
Inc.: “Despite rising interest rates and higher fees, small business owners tapped a record number of Small Business Administration-backed loans in the first quarter of fiscal year 2005. In the quarter, which began October 1, 2004 and ended December 31, 2004, the Small Business Administration (SBA) and its partner banks approved 23,197 loans worth $3.56 billion, a 23% increase in volume and a 14% increase in value over the same period a year ago. The average loan amount, however, was slightly lower than it was in the first quarter of 2004, $153,000 versus $166,000. In 2004 loans topped $15 billion for the first time.”
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