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This loan volume marks an 11.5 percent increase from fiscal 2012, according to a release from the SBA. Of the loans approved statewide, $457.1 million were 7(a) loans, which provide working capital, and $165.4 million were 504 loans, which hep businesses acquire real estate and major fixed assets.
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In Larimer and Weld counties, the SBA approved a combined $39 million in loans, up from $33 million in fiscal 2012.
Both 2012 and 2013 represent a large decrease from the amount of SBA lending that occurred in 2011, when SBA lending incentives made possible by the Small Business Jobs Act of 2010 were available to lenders.
Those incentives caused SBA lending in Larimer and Weld counties to shoot up to $59 million.
Wells Fargo Bank was the largest SBA lender in Larimer County in fiscal 2013, with $7.1 million. U.S. Bank facilitated the highest dollar volume of SBA loans in Weld County, with $2.7 million.
Nationally, SBA loan volume was the second-largest to date, with more than $23 billion in loans approved. Only 2011, when lenders and borrowers were benefiting from incentives, produced higher loan volume, according to the SBA.