Boise District Fiscal Year 2019 Loan Volume

Release Date: 
Wednesday, October 16, 2019
Contact: 
Christian Pennington

BOISE DISTRICT

 

Date: Oct. 16, 2019                                      Contact: christian.pennington@sba.gov | 208-334-1156

                                                                                                     melanie.norton@sba.gov | 206-604-2957

                                                                               Follow: @SBAPacificNW, Facebook, Blogs & Instagram

 

Small Businesses in Southern Idaho, Eastern Oregon Access
More Than $158 Million in SBA Loans to Start, Grow in FY 2019

SBA Boise District reaches more than 430 approved loans

Nationally, loan volume reaches more than $28 billion with more than 63,000 approved loans

 

BOISE, Idaho – The U.S. Small Business Administration (SBA) Boise District Office – serving southern Idaho and eastern Oregon – announces FY 2019 lending numbers showing that it guaranteed more than $158 million to small businesses that otherwise would not have had access to capital. Nationally, SBA loan volume in FY 2019 reached more than $28 billion.
 

“Access to capital is consistently one of the top challenges entrepreneurs and small businesses encounter making the SBA Loan Guarantee Program a vital resource to economic growth and job creation,” SBA Pacific Northwest Regional Administrator Jeremy Field said. “In an increasingly digital credit marketplace, the SBA has cut loan processing times in half during the past year and expanded online tools like Lender Match to connect small businesses with the right lender fast.”

 

During FY 2019 there were 350 7(a) loans made in the SBA Boise District, and approximately 52,000 nationally. The total dollar amount of 7(a) loans in the SBA Boise District was nearly $124 million and $23 billion nationally.

 

The 7(a) program is SBA’s flagship program, which offers guarantees on loans to small businesses up to $5 million on reasonable terms and conditions. 7(a) loans are commonly used for acquiring land, purchasing equipment, or working capital.
 

The SBA’s 504 loan program – which provides small businesses with long-term, fixed-rate financing to acquire fixed assets for expansion or modernization – had another year of high performance for lending, with 82 loans in the SBA Boise District made for a total dollar amount of $34 million. Nationally, more than 6,000 loans made for a total dollar amount of nearly $5 billion, a 4.3% growth from the previous fiscal year.

 

In FY 2019 there was significant growth in the SBA’s smaller loans, including a record volume of dollars lent in the SBA Microloan Program. Nationally, more than 5,500 loans were approved for nearly $81.5 million in the Microloan program, a 7.5% increase from last fiscal year.

 

Specifically in Idaho, 23 loans were approved for nearly $326,000 in the Microloan program, up from 20 loans totaling nearly $231,000 last fiscal year, a 41% increase in loan volume.

 

“One of the SBA’s top goals to get more capital into the hands of entrepreneurs who would otherwise be unable to access loans at reasonable rates. The SBA is here to help America start, grow, and expand their small businesses.” Boise District Director Gary Eisenbraun said. “The SBA lending community in Idaho continues to be robust. Additionally, with Idaho’s new Women’s Business Center joining our strong group of resource partners, the availability of help and assistance has never been better.”

 

The top three industries to receive SBA loans in the SBA Boise District during FY 2019 by number of loans were construction, health care and retail.

 

Since early 2018, the SBA Rural Strong Initiative is working to provide more access to financing in rural communities. As part of this effort, the SBA Boise team coordinated outreach visits with training events and lender meetings for communities across the district.

 

The SBA continued to innovate and improve processes by leveraging enhanced technologies. Lender Match is an SBA technology platform that gives entrepreneurs the ability to complete a quick online form, without registration or cost, and be connected with an approved SBA lender within 48 hours.

 

To date, Lender Match has generated 4.4 million leads on behalf of small businesses to SBA lenders and more than 230,000 unique borrowers have been contacted by lenders with financing options. 

For more information about SBA’s loan programs, financial assistance and other services, visit www.sba.gov.

 

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About the 7(a) and 504 Loan Programs

The 7(a) Loan Program is the SBA's primary program for providing financial assistance to small businesses and offers guarantees on loans to small businesses of up to $5 million on reasonable terms and conditions. 7(a) loans are commonly used for acquiring land, purchasing equipment, or working capital. The CDC/504 loan program helps small businesses acquire fixed assets to promote economic development in the form of long-term fixed rate financing for fixed assets on reasonable terms. Under this program, the SBA authorizes CDCs (Certified Development Companies) to provide financing to small businesses with the help of third-party lenders (typically banks). The maximum loan amount is generally $5 million; however, certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan up to $5.5 million each.

 

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality.  As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster.

It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. The Boise District Office serves southern Idaho and eastern Oregon with an office location in Boise.