DETROT – The Michigan District Office is currently leading all SBA districts in providing loans through SBA’s flagship 7(a) program. From October 2012 through May 2013, the office guaranteed 1,221 loans for a total dollar amount of $342 million. The Michigan District Office finished number one in fiscal 2011 and number two in fiscal 2012 in 7(a) loans, behind the Los Angeles District Office.
“Not only are we currently the top SBA District Office in 7(a) lending, we are trending toward a record number of financial institutions that are participating in the SBA Loan Guaranty Program,” said Allen Cook, SBA Assistant District Director for Lender Relations in Michigan. So far this fiscal year, 130 different financial institutions have used the SBA 7(a) program to meet the financing needs of small businesses. The program offers lenders an SBA guaranty ranging from 50% to 90%. The SBA 7(a) programs can be used for working capital, machinery and equipment, and the purchase or renovation of commercial property used by the business.
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