SBA sets new records for lending in FY 1999

The U.S. Small Business Administration set new records in its major small-business financing programs in fiscal year 1999. New records were set in total loan dollars, dollars loaned to minority and women borrowers and venture capital investments.

SBA Administrator Aida Alvarez said Oct. 20 the total for loans and venture capital financing exceeded $16.35 billion, according to an SBA press release.

"The SBA this year has helped tens of thousands of Americans start or expand their small businesses," Alvarez said. "This record reflects the Clinton administration's strong commitment to a growing and vibrant small business sector, and to the opening doors of economic opportunity for all Americans."

For FY 1999, the SBA approved 43,639 loan guarantees amounting to $10.15 billion in the General Business Loan Guaranty Program, a 12.5 percent increase in loan dollars from FY 1998.

The SBA also approved 5,380 loans worth almost $2 billion under the Certified Development Company Loan Program. The combined dollar amount of $12.15 billion is a record, exceeding the previous mark of nearly $10.9 billion set in FY 1997.

"Since the end of FY 1992 the SBA has backed more than $71 billion in loans to small businesses, more than was accomplished in the previous 25 years combined," Alvarez said.

A record 28 percent of all SBA loan dollars in FY 1999 went to minority borrowers almost $3.36 billion to 12,127 minority-owned businesses. The SBA also made more than $1.19 billion in loans to small businesses owned by women, also a record.

On a local level, the Springfield branch office of the SBA approved 268 loans for more than $47 million in FY 1999, resulting in the creation of 2,105 jobs in southwest Missouri.

The Springfield office also approved 87 loans for more than $15 million to businesses in Greene County.

Springfield area lenders receiving 10 or more SBA loan approvals in FY 1999 are Liberty Bank with 39 approvals, Bank of America with 25 approvals, Rural Missouri Inc. with 23 approvals, Commerce Bank with 13 approvals, Metropolitan National Bank with 12 approvals and Empire Bank with 10 approvals.

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