Jobs Act Loan Incentives Led to Record SBA Loan Approval Volume
Record $12 billion 1st Quarter Followed By Return to Pre-Recession Levels WASHINGTON – Spurred in part by unprecedented loan volume in the year’s first quarter, small business loans backed by the U.S. Small Business Administration in FY2011 reached the highest mark in the agency’s history, supporting over $30 billion, continuing the rebound begun in 2009 and returning to healthy pre-recession levels in the final three quarters of the year. “SBA-backed lending continued the upward trend we saw last year,” SBA Administrator Karen Mills said. “Due to the Small Business Jobs Act and a return to pre-recession lending levels, over 61,000 small businesses had access to capital. Small businesses are the backbone of the economy and SBA has been there to help them rebound through difficult times over the past few years. First through the Recovery Act and then through the Small Business Jobs Act and new SBA lending programs, SBA has provided small businesses with the tools they need so th