October 17, 2019
CONNECTICUT – U.S. Small Business Administration (SBA) lending in Connecticut increased 8% in dollars in the most recent federal government’s fiscal year that ended September 30th – 776 loans were approved consisting of 661 guaranteed loans, 64 – 504 loans and 51 microloans.
The increased lending indicates positive activity within the financial industry. Banks continue to take on more loans and small businesses are finding it easier to approach lenders. SBA-backed loans mean reduced risk for Lenders. Additionally, SBA’s resource partners offer counseling and educational programs to get entrepreneurs “bank-ready”.
“The Connecticut District Office of SBA had a strong year in Fiscal Year 2019 as evidenced by the increase in lending,” said SBA District Director Anne Hunt. “SBA’s processes such as Lender Match and SBA One have streamlined and simplified many of our loan programs in order to provide increased access and opportunity for both lenders and small businesses”. The increase in SBA lending is a result of the hard work performed by the Connecticut SBA staff and the efforts of our lenders and resource partners across the state. Many local banks have expanded their small business lending initiatives, which is great for the Connecticut economy. We look forward to more banks demonstrating stronger commitments to small business lending in Fiscal Year 2020.”
Among the top 5 SBA Guaranteed lenders in Connecticut this year were; Webster Bank, People’s United Bank, TD Bank, Liberty Bank, and Manufacturers & Traders Trust Co. New England Certified Development Corporation ranked number one in SBA’s 504 loan program and Community Economic Development Fund was the top Microlender.
The SBA offers a variety of loan guaranty programs. SBA loans are guaranteed up to $5 million and are available for most business purposes, such as purchasing commercial real estate, equipment and inventory, or for providing short-term working capital. For more information about SBA, visit www.sba.gov/ct.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.