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SBA Backed Loans in Fiscal Year 2017 - Support over $284 million to Connecticut Small Businesses, creating and/or retaining over 6,200 Jobs in the State! - 4th Consecutive Year of Increased Lending

Release Date: 
Monday, October 30, 2017
Release Number: 
Moraima Gutierrez (860) 240-4654

CONNECTICUT – U.S. Small Business Administration (SBA) lending in Connecticut increased 3% in numbers and 1% in dollars in the federal government’s 2017 fiscal year ending September 30th - 819 loans were approved compared to 794 loans in Fiscal Year 2016. The 819 loan approvals consisted of 702 guaranteed loans, 66 - 504 loans and 51 microloans. Nationally, the SBA announced fiscal year 2017 lending numbers showing increasing loan levels in small business lending through the 7(a) and 504 loan programs, as well as increases in lending to women, veterans and emerging  communities.  SBA approved over 68,000 loans in the 7(a) and 504 loan programs in FY17.  These programs provided over $30 billion to small businesses.
The increase in the dollar and volume of loans indicates positive activity within the financial industry. Banks continue to take on more loans and small businesses are finding it easier to approach lenders.  Increased lending is not unique to Connecticut as many other New England states are benefiting from the impact of SBA lending.    
“The Connecticut SBA had a strong year in 2017 as evidenced by the increase in lending,” said SBA Regional Administrator (A) Mark S. Hayward. “This increase is largely due to the cooperation of Administrator 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.”
“SBA’s new processes such as Lender Match and SBA One have streamlined and simplified many of our loan programs in order to provide access and opportunity for both lenders and small businesses. I am confident that these lending tools played a significant role in our lending volume increase.” says Connecticut SBA District Director Anne Hunt, “This is the right step in building on a trend of working together to make funds available to qualified borrowers.  Many local banks have expanded their small business lending initiatives, which is great for the Connecticut economy. We look forward to more banks demonstrating a stronger commitment to small business lending in Fiscal Year 2018. 
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 Corporation (CIC) once 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.  

  The Connecticut SBA will hold their annual SBA Lenders Award Ceremony at Stony Brook Brewery on November 16, 2017.  For more information on attending this event please contact Moraima Gutierrez, 860-240-4654. For more information on any of SBA’s programs or services for small businesses in Connecticut, call the SBA Office at (860) 240-4700 or helpline at 1-800 U ASK SBA or TDD (704) 3446640, or visit SBA’s extensive web site at www.sba.gov/ct.        

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