SBA sets record for lending in Colorado

DENVER — The U.S. Small Business Administration set a record for lending in Colorado for its fiscal year that ended Sept. 30, approving 1,996 guaranteed loans worth $826.7 million, surpassing the previous year’s record level by 242 loans and $126 million.

For the second year in a row, Wells Fargo was the top SBA 7(a) loan lender in the state, and Colorado Lending Source was the top 504 loan lender.

The 7(a) program provides small firms with financial assistance to cover the vast majority of business expenses, such as short- and long-term working capital, exports and refinancing existing debt under certain conditions. The 504 loan program provides long-term, fixed financing for real estate and equipment.

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In Boulder County, there were 111 7(a) loans worth $47.5 million approved; Larimer County had 103 7(a) loans worth $39.9 million approved; Weld County had 80 7(a) loans worth $29 million approved; and Broomfield County had 27 7(a) loans worth $7.8 million approved. A breakdown of 504 lending by county was not provided by the SBA.

The following is a breakout of the fiscal year 2016 lending numbers statewide.

• 1,814 loans valued at $682 million were approved through the 7(a) program.

• 182 loans worth $145 million were approved through the 504 loan program.

• 102 microloans (loans under $50,000) worth $797,000.

• 411 loans worth $181 million went to minority-owned small businesses.

• 438 loans worth $144 million went to women-owned businesses.

• 28 Community Advantage Loans worth $3.7 million.

• 156 loans worth $55 million were approved for veteran-owned businesses.

Professional, scientific and technical services were the industries that received the greatest number of loans.

• 683 loans worth $12.8 million were under $50,000 each.

• 1,009 loans worth $49.6 million were under $150,000 each.

Six export loans worth $8 million were approved.

The SBA also set a record nationally, approving 70,111 7(a) and 504 loans worth $28.9 billion.