SBA lending tops $900 million in Colorado

The U.S. Small Business Administration’s lending in Colorado has surpassed $900 million.

It’s an all-time high for lending. During the fiscal year 2017, which spanned from Oct. 1, 2016, to Sept. 30, 2017, the SBA approved loans worth $30.5 billion nationally.

In the state, the SBA had 1,758 guaranteed loans worth $902 million, passing up last year’s record by $75 million.

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“America’s small businesses continue to pack a major economic punch, creating two-thirds of all net new private-sector jobs in Colorado and across the nation,” said Frances Padilla, SBA’s Colorado District Director, in a prepared statement.  “These strong and steady loan numbers once again reflect the highly effective collaboration between SBA’s outstanding staff and its many lending and business training partners. Seven years of successive record lending bodes well for continued economic growth in this great state.”

In the 7(a) loan program, about 1,590 loans valued at $761 million were approved in the state. For the 504 program, 168 loans valued at $142 million were approved. The average loan size for a 7(a) loan was $478,361 and the average loan size for a 504 loan was $843,905.

About $193.5 million of loans went to minority-owned businesses, $263.5 million went to women-owned businesses and $40.5 million went to veteran-owned businesses.