The Portland District Office of SBA that includes Clark County has set a new record of providing business loans to entrepreneurs in FY 2012. The Portland District Office guaranteed $428.7 million in loans in this fiscal compared to $390 million in 2011. This makes the 2012 fiscal – a year of highest ever SBA loans.
This trend of national SBA loan growth is driven by the so called 504 loans, 7(a) loans and other refinancing grants. The Small Business Jobs Act 2010 is also instrumental in bringing about this change. Then SBLF too played an active role as it helped entrepreneurs restructure their previous debts even if they were not planning to expand.
Fiscal 2012 has seen an overall growth in loan volume as SBA’s loan programs made the largest dollar volume available to businesses. Small enterprises are being supported with $30.25 billion in loans and the amount surpasses from what has been made available in FY 2011. The SBA can see growth happening in its lending rates as more banks and financial institutions are participating in increasing dollar volume and loan numbers of small business entrepreneurs.
So, in coming days, the fortune of the small business sector will see a positive return and good days of economic boom shall be back. Entrepreneurs who were waiting for good times to return can start to make investments now. They are sure to succeed as the business environment looks good and Fed is actively supporting the small business cause.
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