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SBA loan activity on the rise
Numbers up due to the American Recovery and Reinvestment Act, says Santa Ana District Office.
By Kristen SchottPublished: August 17, 2009 11:07 AM
In a positive sign for Orange County's economy, the Small Business Administration's Santa Ana District Office is reporting that lending activity has been increasing steadily since March. The district office is responsible for the Orange, Riverside and San Bernardino counties.
The gain can most likely be attributed to the American Recovery and Reinvestment Act, which was approved in February of this year. The measure includes provisions that temporarily erase fees on SBA-backed loans. It also raises the agency's guarantee percentage on certain loans to 90 percent.
Activity hit 91 loans per month between April and June, according to SADO. That means an average monthly total of about $35 million was available to small businesses.
What's more, nearly 130 entrepreneurs in the O.C., Riverside and San
Bernardino regions received $43 million in July. It's a 23 percent
increase in the amount of money loaned, as well as 38.5 percent in
volume, compared to the average monthly totals between April and June.
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The gain can most likely be attributed to the American Recovery and Reinvestment Act, which was approved in February of this year. The measure includes provisions that temporarily erase fees on SBA-backed loans. It also raises the agency's guarantee percentage on certain loans to 90 percent. Activity hit 91 loans per month between April and June, according to SADO. That means an average monthly total of about $35 million was available to small businesses. What's more, nearly 130 entrepreneurs in the O.C., Riverside and San Bernardino regions received $43 million in July. It's a 23 percent increase in the amount of money loaned, as well as 38.5 percent in volume, compared to the average monthly totals between April and June. NEXT PAGE >> Related headlines O.C.'s affordability index second highest in state 15 Orange County companies named among Inc. 500 Apartment sales down in Southern California; up in O.C. Orange County bankruptcies jump 77 percent in June |
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