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SBA North Florida District Announces Annual Lending Trends for the District

Fiscal Year 2017
Release Date: 
Thursday, November 16, 2017
Release Number: 
Nayana Sen (904) 443-1933

JACKSONVILLE, FLA. – The U.S. Small Business Administration (SBA) North Florida District Office guaranteed 1,148 loans valued over $600 Million in Fiscal Year 2017. This amount reflects an overall increase of $30 Million from Fiscal Year 2016. Several Counties out of the 43-County North Florida District Office territory trended higher than in previous years. The North Florida District Office helped to create 5,719 new jobs and helped to retain 7,130 existing jobs through SBA guaranteed lending. In the first month of Fiscal Year 2018 (October), the North Florida District Office has guaranteed 101 loans valued at nearly $56 million.

“Not only have we seen an overall increase in lending, but these increases are starting to take place in some more of the rural and agriculture based Counties in our portfolio. We were not surprised to see that most of the lending dollars went to existing businesses; however there were some Counties such as Leon, Nassau, and Suwannee where startups outpaced existing businesses for SBA loans,” stated Wilfredo Gonzalez, SBA North Florida District Director.

In addition to SBA guaranteed loans, The North Florida District Office provided 22 microloans valued at $506,072 through 3 intermediaries:  ACCION East, Black Business Investment Fund, Inc., and Community Enterprises Investment, Inc. The Microloan program provides very small loans (up to $50,000) to women, low-income, minority, veteran, and other small business owners through a network of more than 100 intermediaries nationwide. Under this program, the SBA makes funds available to nonprofit intermediaries that, in turn, make the small loans directly to start-up and existing businesses.  Entrepreneurs work directly with the Intermediaries to receive financing, and business knowledge support.

“The SBA, together with our resource partners and lenders are committed to helping businesses start, grow, and succeed,” stated Gonzalez.

Live Oak Bank was ranked as the top 7(a) lender by dollar amount in FY 2017 with a total of $38.5 Million in guarantees. The top 7(a) lender by number of loans was Wells Fargo N.A. with 124 loans guaranteed.

SBA supported 155 Section 504 loans, which provides small businesses with long-term, fixed-rate financing to acquire real estate and major fixed assets. The top 504 lender in FY 2016 was Florida First Capital Finance with 62 loans valued at nearly $47.5 Million.

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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The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.