The US Small Business Administration has found that Oregon small businesses received large number of taxpayer guaranteed loans for the second consecutive year. The trend of lending out to small businesses in Oregon is on an uptrend for two consecutive years now. The agency guaranteed $428 million in loans last year in Portland that included Oregon and Southwest Washington. In 2011, the same agency guaranteed $391 million in loans to Portland that included Oregon.
Acting director of SBA Portland district office says that the agency is all set for a record lending. The reason is large number of businesses have been approved to receive taxpayer guaranteed loans. The Statesman Journal also reported loan sizes is increasing. The previous loan limit remained up-to $2 million and now it has increased to $5 million.
Most of SBA lending is done under the 7 (a) program. During last two years, 2,745 of larger loans have been disbursed in the country and that included 26 in Oregon. This is really an appreciable figure and small businesses are sure to feel encouraged following the number of loans that are being made available. Statistics reveal that there is an abundance of funds. Average loan five years ago used to be $185,000 and today it exceeds $300,000. So, under such lending climate, small businesses are sure to excel.
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