DENVER — Small Business Administration lending in Colorado reached all-time record levels during the SBA’s fiscal year that ended Sept. 30, the administration announced earlier this week.
In Colorado, 1,754 7(a) and 504 loans, worth $701 million, were approved, surpassing the previous year’s record level by 313 loans and $47 million.
Nationally, the SBA set an all-time record for lending by approving 63,000 7(a) loans totaling $23.6 billion; an increase of 22 percent in number of loans and 23 percent for total dollars. It also approved 5,787 loans worth $4.3 billion through its 504 program.
The 7(a) program provides small businesses with loans for business expenses, such as short- and long-term working capital, exports and refinancing existing debt. The 504 loan program provides long-term, fixed financing for real estate and equipment.
In Boulder County, 36 lenders provided 146 7(a) loans totaling $49.7 million and 13 504 loans totaling $9.8 million. The top five lenders of 7(a) loans in Boulder County were Wells Fargo Bank, 45 loans, $8.6 million; U.S. Bank, 15 loans at $3.7 million; JPMorgan Chase, 11 loans, $1.4 million; Guaranty Bank and Trust, nine loans, $1.7 million.
In Larimer County, 26 lenders provided 87 7(a) loans totaling $32.6 million and 20 504 loans totaling $10.2 million. The top five 97(a) lenders in Larimer were Wells Fargo, 19 loans, $2.4 million; JPMorgan Chase, 12 loans, $2.7 million; U.S. Bank, 11 loans, $3 million; Home State Bank, five loans, $2.1 million; and Celtic Bank Corp., five loans, $1.7 million.
In Weld County, 20 lenders provided 49 (7a) loans totaling $19.4 million and 14 504 loans totaling $7.6 million. Top five (7a) lenders were Wells Fargo, 15 loans, $1.5 million; U.S. Bank, four loans, $79,000; KeyBank, three loans, $890,000; Colorado Business Bank (CoBiz), three loans, $1.8 million; and Hanmi Bank, three loans, $2.1 million.
In Broomfield County, seven lenders made 11 7(a) loans totaling $4.5 million. The top three were JPMorgan Chase, Wells Fargo and Summit Bank & Trust.
Statewide, Wells Fargo led all 7(a) lenders with 434 loans totaling $88.3 million. Colorado Lending Source LTD led 504 lenders with 129 loans totaling $94.3 million.