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SBA Small Business Lending Momentum Continues in FY18

GREENSVILLE/EMPORIA DEPARTMENT OF SOCIAL SERVICES

LOCAL BOARD MEETING

The Greensville/Emporia Department of Social Services Administrative Board will hold its regular meeting Thursday, November 15th, 2018, at 3:30 p.m. The meeting will be held at the Greensville/Emporia Department of Social Services located at 1748 East Atlantic Street.

GREAT OPPORTUNITIES IN TECHNOLOGY AND ENGINEERING CAREERS (GO-TEC) GRANT

GO TEC PROGRAM COORDINATOR

FOR THE EASTERN REGION LOCATED AT SOUTHSIDE VA COMMUNITY COLLEGE

#R0001

Please visit the employment page of our web site at http://www.dcc.vccs.edu/Employment/employment.htm for details.

Danville Community College is committed to becoming a model higher education institution for diversity and inclusion and invites multicultural professionals from all backgrounds to contribute to its aspiration for building an inclusive community where everyone is given equal opportunity to reach their full potential.  Employment will be contingent upon the results of a background check.         

~SBA FY18 total loan volume reaches more than $30 billion with more than 72,000 approved loans~

 

WASHINGTON – The U.S. Small Business Administration announced FY18 lending numbers showing that it guaranteed over $30 billion to small businesses that otherwise would not have had access to capital.

“We are providing tools, resources and access to capital for America’s 30 million small businesses, and our FY18 numbers bear that out,” SBA Administrator Linda McMahon said. “SBA’s 7(a) and 504 loan programs have never been more dynamic, easy to use and accessible—helping small businesses succeed and thrive.  Our loan programs in FY18 continue to show strong performance, and we believe the President’s tax cuts and deregulatory actions will help more small businesses grow and prosper in the coming year.”

In FY18 there were approximately 60,353 7(a) loans made, with a total dollar amount of $25.37 billion. The 7(a) program is SBA’s flagship program, which offers guarantees on loans to small businesses of up to $5 million on reasonable terms and conditions. 7(a) loans are commonly used for acquiring land, purchasing equipment, or working capital.

The SBA’s 504 loan program had another year of high performance for lending, with 5,874 loans made for a total dollar amount of over $4.75 billion. In FY18 SBA launched the 25-year Debenture, which offers an extra 60 months of financing at a fixed rate for small businesses. Since its introduction in April, over 1,000 debentures had been sold by the end of September.

“The 25-year Debenture is designed to help free up cash flow and offer fixed rates in a rising interest rate environment for 504 borrowers and we are pleased to see over $1 billion has been disbursed in less than six months,” Associate Administrator for SBA’s Office of Capital Access William Manger said.

In FY18 there was significant growth in the SBA’s smaller loans, including a record volume of dollars lent in the Microloan and Community Advantage Programs. Specifically, over 5,000 loans were approved for over $72 million in the Microloan program and over 1,000 loans for over $150 million in SBA’s Community Advantage program.

The SBA continued to innovate and improve processes by leveraging enhanced technologies. Lender Match is an SBA technology platform that gives entrepreneurs the ability to complete a quick online form, without registration or cost, and be connected with an approved SBA lender within 48 hours. To date, Lender Match has generated 3.6 million leads on behalf of small businesses to our lenders and over 160,000 unique borrowers have been contacted by lenders with financing options. 

Another technological innovation was the development of the SBA’s Franchise Directory, which was launched this year and has resulted in an over 50 percent increase in eligible franchise brands. There are currently 3,192 brands on the Franchise Directory. When the directory was first published in October 2017 there were only 2,034 brands.  In FY18, SBA has seen a year over year increase of over 21 percent in 7(a) and 504 dollars going to franchises.

For more information about SBA’s loan programs, financial assistance and other services, visit www.sba.gov.

 

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