SBA San Francisco District Office Approved over $864 Million of Loans in Fiscal Year 2013
SAN FRANCISCO – In the Fiscal Year (FY) which ended on September 30th, 2013, U.S. Small Business Administration San Francisco District Office (SFDO) lending experienced record highs. The District totaled approved loans of nearly $865 million, a 50% increase from FY 2010.
In addition to setting a record for the highest overall dollar amount of all times, the District set records for lending to Asian-owned businesses ($301 million), minority-owned businesses ($356 million), and women-owned businesses ($121 million).
“We were thrilled to reach record levels of lending this year, and we expect more of the same next year,” said District Director Mark Quinn. “We are giving small businesses critical access to the capital they need to start and grow their business.”
Of the 1,435 loans approved in FY 2013, 1,125 were in the 7(a) guaranty program totaling $607 million and 310 were in the 504 Certified Development Company Loan Program, which provide small businesses with long-term, fixed-rate financing to acquire real estate and major fixed assets, totaling $258 million. SBA Microlenders lent an additional $1.5 million to small businesses in the District.
Nationally the SBA experienced the second highest level of 7(a) and 504 lending to date, with over $23 billion. The only year the Agency experienced higher levels of lending, FY 2011, lenders and borrowers were still benefiting from stimulus incentives.
In FY 2014, the SBA will waive the guaranty fee for 7(a) loans under $150,000 in an effort to encourage more, smaller loans. This will save borrowers up to $2,550 in fees, which they can reinvest in their business.
The San Francisco SBA District Office covers Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Napa, San Francisco San Mateo, Santa Clara, Santa Cruz, Solano, and Sonoma Counties. In Fiscal Year 2013, the District guaranteed over 1,500 small business loans valued at $864 million. Over 115 banks, credit unions and community lenders participated in this program. Annually, the San Francisco District Office cohosts over 1,000 training events for over 50,000 Bay Area small businesses or prospective businesses from SBA resource partners.