Small Business Administration loan volume jumps

Friday, Jan. 7, 2005 | 11:08 a.m.

The Small Business Administration announced today that loan volume for its flagship program rose 23 percent during the fiscal year first quarter.

There were 23,197 loans totaling $3.56 billion approved through the 7(a) loan program from October to December, compared with 18,822 loans worth $3.12 billion in the year-ago quarter. The loans are SBA-backed, but are funded through private lenders.

Fiscal year 2004 was a record year for 7(a) loan volume and the SBA said the latest results indicate this fiscal year could surpass previous records.

In Nevada, 170 7(a) loans worth $35.8 million were approved during the first quarter, compared with 171 loans worth $26.7 million in the year-ago quarter.

The SBA's 504 loan program also surpassed previous results during the fiscal year first quarter with 1,780 loans worth $882.9 million, which is 13 percent above the 1,576 loans approved worth $743.3 million in the year-ago quarter.

There were 25 loans worth $11.3 million approved through the 504 program in the first quarter, compared with 36 loans worth $16.6 million in the year-ago quarter.

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