The Small Business Administration (SBA) has approved almost 741 business loans in 34 counties across Upstate New York throughout the first nine months of the fiscal year 2016.
The stats constitute a 16% growth over business loans authorized throughout the same time in 2015, the Small Business Administration stated in a press release issued last week.
The Small Business Administration noted that the growth is more than double the 6% increase in SBA-approved business loans on a national scale.
Bernard J. Paprocki, director of the SBA, Syracuse said in a press release that the SBA-backed lending continues to “grow up more and more” in Upstate New York.
Paprocki also added that our participating lenders have an improved confidence, as proved in the loan-approval process. Small businesses are at the mainstay of US economic system, and we look forward to continue offering them with the financial support they require to start and develop effectively.
As of June 30th, the SBA loans in the Syracuse district summed $133.9 million, along with $109.6 million approved below the SBA 7(a) loan-guaranty program. The amount of a typical SBA 7(a) loan amount in the Syracuse for the primary three quarters was more than $152,000.
The SBA 7(a) loan program, which the Small Business Administration portrays as its basic lending program,” provides long-term funding to get business equipment, fixtures, inventory and other accessories, pay for the renovations, buy office space, construct new building, purchase existing business, and for the previous debt repayment.
Furthermore, the 23 loans backed by Small Business Administration for almost $24.3 million under the SBA 504 certified-development company program. The SBA 504 loan program offers small business owners with long-term, fixed-asset funding.
In the fiscal year 2016, Onondaga County has high approval rates up to now with almost 106 loans summing more than $26 million as well as Oneida County has 80 loan approvals for $7.5 million.
In the same way, Saratoga County has marked 74 loan approvals for $17.1 million, even as Albany County has 73 loans for $15.1 million through nine months of the fiscal year.
The Small Business Administration said that of the entire activity for the duration, the SBA-backed 44 loans actually worth $5.8 million for full-service restaurants, corresponding to the maximum number of the SBA loan approvals for a specific industry.
In the same category, the Small Business Administration approved 34 loans for landscaping services worth $2.1 million, 30 loans for residential renovations worth $1.8 million, 23 loans for limited-service restaurants worth $3.9 million, and 16 loans for hotels and motels worth $33.8 million.