SBA Lending Returns to Pre-Boom Levels
Washington, DC – A steady flow of new loans backed by the Small Business Administration in the Washington area is helping some institutions return to the pace of lending that was common in the pre-boom years.
Through the three months ended Dec. 31, the start of the agency’s 2012 fiscal year, 126 loans totaling $43.4 million were made to local mom-and-pop shops, comparable to loans issued during the early 2000s, according to the SBA. The volume is still below the soaring numbers from 2006 and 2007.
“We are seeing numbers back to the pre-recession pace; we’re off to a start that can lead us to project a really great year for 2012,” said Bridget Bean, who oversees the Washington region for the SBA. “It’s a great sign that we have the infrastructure and the economic ecosystem here to support this kind of lending to our small businesses.”
