SBA Breaks All-Time Loan Record

Agency Has Already Surpassed 2003 Loan Numbers

WASHINGTON – U.S. Small Business Administration Administrator Hector V. Barreto announced that, with almost two full months still remaining in the fiscal year, the SBA has already backed more loans in its 7(a) and 504 programs than ever before in its 51-year history.

As of August 6 – eight weeks before the end of fiscal year 2004 – the SBA’s 7(a) loan program had guaranteed 67,493 loans in fiscal year 2004, more than the record 67,306 7(a) loans made in all of fiscal year 2003. In addition, the agency has backed 6,974 loans through its 504 program, surpassing the 2003 record of 6,863. The 2004 fiscal year ends on September 30. When compared to the same time period last year, these record-breaking numbers represent dramatic increases: 23 percent for 7(a) and 27 percent for 504.

“In 2003, the SBA set all-time records in its two major loan programs. It took us less than a year to break those records,” Barreto said. “I am proud that our loan programs, and especially our flagship 7(a), are growing and reaching out to more small businesses than ever before. I am hopeful that we can continue this trend, particularly if the President’s proposal to make 7(a) self-sustaining is approved by Congress.