November 1, 2017

SBA lending on the rise in Connecticut

The U.S. Small Business Administration backed 819 small business loans in Connecticut totaling more than $284 million in the fiscal year ended Sept. 30, helping create and retain more than 6,200 jobs this past fiscal year, the federal agency announced.

The number of loans approved was 3 percent higher in the 2017 fiscal year than the 794 loans approved in the year ago period, the SBA said. The total included 66 so-called "504" real estate loans 51 microloans.

Of the $284 million supported overall, the SBA said, lending increased in its three main programs by 1 percent, to $241 million compared to $238 million in the year prior.

SBA Regional Administrator Mark S. Hayward credited SBA Administrator Linda McMahon with helping foster a simplified loan application process to encourage more lending.

SBA also credited its new Lender Match and SBA One programs for helping to streamline the loan process.

Among the top SBA lenders in Connecticut this fiscal year are TD Bank, Webster Bank, Berkshire Bank, Farmington Bank and Liberty Bank for the SBA loan guaranty program. The Community Investment Corporation (CIC) ranked first in SBA's 504 real estate loan program and the Community Economic Development Fund was the top microlender in the state.

The increased lending activity mirrors a national trend over the past fiscal year, as SBA approved more than 68,000 loans, which provided more than $30 billion to small businesses, the SBA said.

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