SBA Sets New Small Business Lending Record with More Than $1.4B in Loans to Georgia Small Businesses in 2017
Thursday, November 30th, 2017
The Georgia District Office of the U.S. Small Business Administration announced its fiscal year 2017 lending numbers, showing record levels of small business lending. The agency guarantied 1876 loans, totaling $1.41 billion. This is the third consecutive year that SBA lending in the Peach State has reached or surpassed a billion dollars.
In comparison to fiscal year 2016, small businesses, throughout the state, received more than $24.2 million in additional capital. SBA uses its two flagship programs, 7(a) and 504, to guarantee the loans.
“We are very encouraged to see another year of record-level lending activity. It means small businesses are getting the capital they need to grow, creating jobs and strengthening the economy,” says Terri Denison, director of SBA’s Georgia District Office. “We will continue our efforts to reach all segments of the small business community and support entrepreneurial success.”
Businesses engaged in hospitality, retail, healthcare, professional services, agriculture and manufacturing saw the most growth, accounting for more than $1.06 billion or 75 percent of the total lending activity.
Nationally, SBA approved more than 68,000 loans for more than $30 billion.
For more information about SBA’s loan programs, financial assistance and other services, visit www.sba.gov