Friday, August 17, 2007
With two months to go, the region's lenders have surpassed lending totals for small business loans through the SBA's 504 lending program.
The Small Business Administration loan program funds primarily bricks and mortar projects. Through July, area lenders approved 29 loans for a combined $34.2 million, including $13.3 million through the Empire State Certified Development Corp., and nearly $20.9 million coming from third-party lenders. In all of 2006, 29 projects were approved for a combined $31.8 million.
But July was a slow month for loans in the SBA's 7(a) program, with area lenders approving just 29 loans all month worth $2.7 million.
That's according to the Small Business Administration's monthly update, which showed a total of 516 loans approved for $47.7 million through the end of July in the SBA's 7(a) loan program, traditionally its most popular.
M&T Bank was the busiest among area lenders, approving another 14 loans worth nearly $1 million during the month, for a total year to date of 149 loans worth a combined $16.47 million. The bank has approved three times as many loans as its nearest competitor: First Niagara Bank has approved 46 loans worth $5 million, while HSBC Bank has approved 54 loans worth $4.7 million.
In fiscal 2006. lenders approved a combined 823 loans valued at $78.5 million through the 7(a) program.
Source: http://www.bizjournals.com/buffalo/stories/2007/08/13/daily27.html
|
