North Carolina District of the U.S. Small Business Administration approved 414 loans costing $198.2 million during the first three months of the fiscal year 2011. During the year 2010, 199 loans for $112.7 million have been approved by SBA in the state. This has led to 37 percent increase in loans that have been approved over the first quarter 2010.
The present quarter is considered the best in terms of SBA lending in North Carolina since 2007. In this fiscal, 439 loans for $89.5 million have been sanctioned. The fiscal year of SBA, starts from October 1st and runs through September 30. This is the greatest dollar amount approved in one month.
Lenders of North Carolina have gained a lot due to SBA guarantee waiver under the head ‘The Small Business Jobs Act of 2010 (SBJA)’ SBA loans have also been offered 90 percent guarantee..
Resolution for the programs has been extended throughout March 4th, 2011 and this is subject to availability of funds. North Carolina’s participating lenders have played a crucial role in getting capital in the hands of small business owners. The SBJA has made an array of provisions so as to help small businesses profit on capital, gain access to federal contracting opportunities, intensify exports and avail assistance so to grow and create more jobs.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to