Los Angeles Area SBA Financing Swells for Small Businesses in FY11
Los Angeles - The U.S. Small Business Administration Los Angeles District Office confirmed a substantial increase in SBA lending to small business owners as the loan dollar volume and number of loans continued to increase for fiscal year 2011.
SBA backed loans in Los Angeles, Ventura and Santa Barbara counties increased 48.6 percent in dollar volume and 12.5 percent in the number of loans during the government's fiscal year 2011 compared to fiscal year 2010.
Between Oct. 1, 2010 and Sept. 30, 2011 the Los Angel District Office financed a portfolio of 2,477 small businesses in the amount of $1.58 billion compared to 2,201 businesses with $1.06 billion during fiscal year 2010. Fiscal year 2011 surpasses the previous dollar volume record for Los Angeles of $1.28 billion in SBA lending during fiscal year 2007.
"The SBA, our lending partners and resource providers all helped to make fiscal year 2011 a record breaking year in terms of dollar volume. The Los Angeles District Office worked to increase the number of lenders that utilize SBA's loan programs, SBA resource providers expanded their training pipeline for small business owners and in the process our SBA lending partners provided more local small businesses with considerable capital to grow and succeed," said Mark Quinn, Los Angeles SBA acting district director.
The top six lenders by number of SBA loans for fiscal year 2011 are: JPMorgan Chase Bank, Wells Fargo Bank, Center Bank, CDC Small Business Finance Corp, Mortgage Capital Development Corp. and U.S. Bank.