SBA sets record for lending in Colorado, nationwide

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.

SPONSORED CONTENT

Exploring & expressing grief

Support groups and events, as well as creative therapies and professional counseling, are all ways in which Pathways supports individuals dealing with grief and loss.

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.