Small biz lending goes big in ‘16
Small businesses in Georgia this year took out a record $1.4 billion in loans backed by the Small Business Administration, according to the agency.
— The SBA guaranteed 2,023 loans during its fiscal year, up 12 percent from the previous year. In dollar terms, loan volume rose 15 percent.
— Among the loans were 277 totaling $106 million to minority-owned businesses, up 11 percent and 19 percent, respectively.
— Women-owned businesses received 397 loans totaling $202 million during the fiscal year, up 9 percent and 10 percent, respectively.
Under the SBA’s most widely used program, authorized lenders can loan up to $5 million, with up to 75 percent guaranteed by the SBA if the business defaults, or 85 percent for loans of less than $150,000.
The SBA’s program in Georgia has nearly doubled since its pre-Great Recession peak in 2007, when volume was $789 million.
According to the FDIC, all loans by Georgia banks and other institutions grew about $12.1 billion over the 12 months ended Sept. 30, to $218 billion. That was almost double the increase in the year-earlier period.
