On Tuesday U.S. SBA announced for fiscal year 2013 total it guaranteed $30 billion in small business loans.
This is the third highest year of SBA lending to date, surpassed only by SBAs two record years of supporting more than $30 billion in FY 2011 and 2012. In FY 2013, SBA supported more than $29 billion in lending to Americas small businesses, giving small businesses critical access to the capital they need to start and grow their business.
Under President Obama, SBA lending has reached record levels and we continue to get more capital into the hands of small business owners than ever before, said Acting SBA Administrator Jeanne Hulit. Small businesses are the engine of our economy, and reaching our third highest year of SBA lending in FY 2013 demonstrates the strength and resiliency of Americas 28 million small businesses as they continue to recover from the Great Recession and drive our economy forward.
One of SBAs primary missions is to ensure that small business owners have access to the capital they need to start and grow their business. Since President Obama took office, SBA has supported more than $126 billion in lending to more than 260,000 small businesses and entrepreneurs. During the fiscal year, which ended Sept. 30, SBA loan approvals supported $29.6 billion (54,106 loans) to small businesses in its two main loan programs, 7(a) and 504, compared to $30.25 billion (53,848 loans) in FY 2012 and $30.5 billion (61,689 loans) in FY 2011.
SBA loan data fiscal year 2012 vs. 2013
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In FY 2013, SBA also supported more than 7,700 504 loans, which provide small businesses with long-term, fixed-rate financing to acquire real estate and major fixed assets, for a total of more than $11.7 billion. Although this is a slight decrease compared with FY 2012, this decrease demonstrates the importance of SBAs 504 Refinancing Program, which temporarily allowed small business owners to use our 504 program to refinance commercial real estate and other fixed assets and gave SBA a record year for 504 lending in FY 2012. That program was authorized by the Small Business Jobs Act and expired in 2012, but a one year extension of the program was included in the Presidents FY14 budget.