The U.S. Small Business Administration backed 819 small business loans in Connecticut, totaling more than $284 million in the fiscal year ended Sept. 30. That activity helped create and retain more than 6,200 jobs this past fiscal year, the federal agency said. SBA lending in the state increased by 3 percent in numbers and 1 percent in dollars, it said.
Of the 819 loan approvals, 702 were guaranteed loans, 66 “504” real estate loans and 51 microloans.
Nationally, the SBA announced fiscal year 2017 lending numbers showed increasing loan levels in small business lending through 7(a) and 504 loan programs, as well as increases in lending to women, veterans and emerging communities. SBA approved more than 68,000 loans in the 7(a) and 504 loan programs in FY17, providing over $30 billion to small businesses.
Banks continue to take on more loans and small businesses are finding it easier to approach lenders, the agency said. Among the top SBA lenders in Connecticut this year were TD Bank, Webster Bank, Berkshire Bank, Farmington Bank and Liberty Bank for top lenders in the SBA loan guaranty program. Community Investment Corp. again ranked number one in SBA’s 504 real estate loan program, and the Community Economic Development Fund was the top Microlender in the state.
SBA Regional Administrator Mark S. Hayward said the increase in lending was “largely due to the cooperation of (SBA Administrator Linda) McMahon and her work to simplify the loan application process, the hard work of the Connecticut SBA staff and the efforts of the lenders and resource partners across the state that are dedicated to getting more dollars into the hands of local small businesses.”