North Florida District Experiences a Record Lending Year
Jacksonville, FL – The North Florida District guaranteed 749 loans worth over $357 million for Fiscal Year (FY) 2013. In FY 2009, the peak of the economic crisis, the North Florida District guaranteed only $193 million in loans; in the span of four years, the District expanded the total dollar amount of loans guaranteed in a year for small businesses by 85%.
For FY 2013, SBA loans helped create 4,500 jobs and helped small business owners retain 4,612 jobs throughout the district. Out of the $357 million loans guaranteed, new businesses (in existence less than 2 years) received loans worth approximately $129 million, a 42% increase over last fiscal year.
The District experienced an overall 20% increase in the dollar volume of SBA’s most common loan program, 7(a) loans, in FY 2013 ($245.4 million) over FY 2012 ($203.6 million). The gains can partially be attributed to a 13% increase in the number of participating lenders, and also serve as an indicator that banks are more actively lending to the small business community.
SBA also supported 102 Section 504 loans in FY 2013, which provide small businesses with long-term, fixed-rate financing to acquire real estate and major fixed assets, for a total of more than $61.6 million.
District Director Wilfredo J. Gonzalez stated “SBA Lenders are a vital part of the small business community. These lenders finance businesses that may otherwise not receive traditional funding, and as a result, we are able to spur economic growth and development throughout our area. We are encouraged by the upward trending loan statistics for the district, and I would like to thank the lenders that are leading the way.”
Wells Fargo National Bank Association was the number one 7(a) lender in the North Florida District for FY13, and guaranteed 106 loans worth over $38.4 million. The number one 504 lender by number of loans for FY13 was Florida Business Development Corporation with 103 loans, and the number one 504 lender by dollar amount was Florida First Capital Finance Corporation with a total of $61.6 million in loans.
For more information on SBA lending programs in the North Florida District Office, please contact a Lender Relations Specialist at (904) 443-1900.
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