The U.S. Small Business Administration has guaranteed $133.1 million in loans for Oregon and Southwest Washington small businesses. This amount has been offered in this fiscal and it is a 22.9 percent slowdown in-comparison to the previous year.
The slowdown happened due to 70 fewer loans made by the Portland district office of SBA. The deals climbed down from 451 to 381. The local office released data to give a glimpse of the area SBA lending activity starting from January. The report extends up-to March. Majority of deals got approved through the agency’s 7(a) program. It is through the 7(a) program that Wells Fargo extended 41 loans worth $20.1 million. Also, U.S. Bank made 60 loans amounting to $10.5 million.
The National SBA lending scenario is reflected from the regional data. The agency guaranteed 9,153 fewer 7(a) loans since the beginning of the fiscal 2012 as compared to same period last year. This is 28.1 percent decline, dropping from 32,480 to 23,327 loans.
Business owners are opining that it is difficult to find capital this year as compared to previous year. The survey also reveals that small businesses are not hiring. Federal Reserve will give details about economy’s growth in first three months of 2012.
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