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Small Business Lending up 45 Percent in Dollar Value Across the Southeast

More entrepreneurs receiving loans over last year
Release Date: 
Thursday, August 20, 2015
Release Number: 
15-67
Advisory Date: 
Thursday, August 20, 2015
Contact: 
Mark Gibson

ATLANTA – The U.S. Small Business Administration’s flagship 7(a) and 504 loan programs already have placed $4.2 billion into the hands of entrepreneurs across the Southeast Region, which includes $1.16 billion for the state of Georgia, this year. Lending is up 45 percent over the same time last year (Oct. 1- July 31) and in Georgia it is up by 59.4 percent, a significant increase from the prior year.

“The $4.2 billion in small business loans contributes to job creation and support for our southeast regional economy,” says Cassius F. Butts, SBA Regional Administrator. “Our lending partners have provided entrepreneurs, startups and small businesses the capital they need to grow and succeed.”

Included in the $4.2 billion figure are nearly $600 million in SBA-backed loans to woman-owned small businesses (a more than 40 percent increase over last year) and nearly $83 million in loans (a more than 25 percent increase over last year) allocated to the region’s underserved communities. In all, the SBA’s Southeast Region, which includes Alabama, Florida, Georgia, Kentucky Mississippi, North Carolina, South Carolina and Tennessee, has approved nearly 8,000 loans; nearly 2,500 more than this time last year.  In Georgia 1,677 SBA-backed loans have been approved.

“These marked loan increases to both our underserved communities and women entrepreneurs are due to our active collaboration with community organizations and lenders, assuring that small business owners have access to capital so that they can achieve their entrepreneurial goals,” says Regional Administrator Butts.

For more information about the Georgia District Office please visit www.sba.gov/ga.