SYRACUSE — The U.S. Small Business Administration (SBA) backed 682 loans totaling nearly $169 million under its two main loan programs in its Syracuse district during the 2012 fiscal year.
In the 34-county Syracuse district, the SBA backed 607 loans for $97.2 million under its 7(a) General Business Loan Program. It backed 75 loans for $71.6 million under its 504 Certified Development Company Program.
The 7(a) program helps make funds available to businesses that meet certain conditions, like exporting to foreign countries or operating in rural areas. The 504 program aims to promote long-term, fixed-rate financing for small business expansion.
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Financial inclusion is the accessibility of useful and affordable financial products and services to all individuals and businesses. Financial institutions have made strides in advancing these practices, most recently in
Nationwide, the SBA reported that its 7(a) program supported 44,377 loans for $15.15 billion, while its 504 program supported 9,471 loans for $15.09 billion. Its loan programs notched their second-largest amount in history, $30.25 billion. That’s behind only 2011, when the 7(a) and 504 programs helped back 61,689 loans for $30.5 billion.
“Reaching such strong numbers is a clear sign that both the business and lending communities are regaining their confidence in the economic climate of the country,” SBA Administrator Karen Mills said in a news release. “It means that the credit markets are increasingly willing to help small businesses establish themselves, grow and create new jobs for Americans.”
Contact Seltzer at rseltzer@cnybj.com
