Louisville, Ky - The U.S. Small Business Administration's Kentucky District and its lending partners set another lending record based on a year-over-year analysis for the 2011 fiscal year.
As of September 30th, which is the end of SBA's fiscal year, a total of 623 SBA 7(a) and 504 loans were approved in the Kentucky market, valued at more than $196.4 million. That equates to a dollar volume increase of over 127 percent as compared to the same period in 2010, which had been an all-time loan dollar record.
Also, there were 180 microloans for almost $2.4 million for the year.
For the first quarter of the fiscal year, strong activity could be attributed in part to lenders and borrowers taking advantage of higher government guarantees and reduced fees through the Recovery Act and Small Business Jobs Act, but that expired in December 2010.
However, SBA's 7(a) and 504 loan program limits were permanently increased from $2 million to $5 million for the 7(a) loan program and up to $5.5 million for manufacturers and certain other industries for the 504 program.
A press release said the Kentucky SBA Lender Relations team worked closely with SBA lending partners in Kentucky as well as with SBA Resource Partners, including the Kentucky Small Business Development Centers and SCORE Chapters across the Commonwealth as well as the Women's Business Center, raising awareness of SBA lending programs and free, confidential consulting services to small businesses and aspiring entrepreneurs.
SBA Economic Development Specialists also marketed the programs and services to economic development organizations, mayors, county judges and other community economic development drivers across Kentucky.
For more information about SBA small business loan programs, call the SBA Kentucky District Office at (502) 582-5971 or visit the SBA Kentucky web site at http://www.sba.gov/ky.