In fiscal year ending Sept. 30th, U.S. Small Business Administration approved several loans in Iowa. SBA has approved 674 loans amounting to $293.6 million in fiscal 2011 as compared to 944 loans amounting to $261.3 million in fiscal 2010. The ARC loan program has made 242 loans worth $8.1 million available in fiscal 2010. ARC is a temporary program created by ‘America’s Recovery and Reinvestment Act’ and it got renewed in 2011.
SBA gave approval to 73 loans amounting to $34.4 million to businesses that operate in Linn County in fiscal 2011. The agency also gave approval to 41 loans worth $14.8 million during the fiscal that ended on Sept. 30. During Fiscal Year (FY) 2011, the SBA loans reached the highest record nationally.
The SBA has given approval to 61,689 loans amounting to $30.5 billion for small businesses and start-ups through its big programs like the ‘Community Advantage’ and ‘Small Loan Advantage program’. During fiscal 2011, 53,706 loans amounting to $19.63 billion got approval under the 7(a) General Business Loan program. The 504 program made $10.34 billion available in small business lending that includes both SBA share and third party loans.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com