According to a recent report in the Denver Business Journal, the U.S. Small Business Administration (SBA) came close to matching a record in the amount of loans during the 2012 fiscal year, providing $30.25 billion nationwide. In Colorado, $558.6 million went to small businesses this fiscal year.
The 2012 amount is slightly down from last year, but well above the 2010 mark of $466.9 million. According to the article, construction companies, accommodations and food services received the most SBA loans in 2012. Construction companies top the list with the number of loans at 152, totaling $56.9 million. However, accommodations and food services received the highest dollar amount, collecting 144 loans valued at $82.4 million.
In the most recent SBA report, administrator Karen Mills said that the near-record loan amounts signal a renewed confidence among businesses and lenders in the economic climate. Mills noted that credit markets are becoming more willing to work with small businesses in their effort to grow and create jobs.
In Colorado, Wells Fargo provided the majority of SBA lending, both in the number of loans and the dollar amount. Wells Fargo is the largest bank by deposits in the state. Following Wells Fargo on the list of top SBA lenders in 2012 were JPMorgan Chase, U.S. Bank, Compass Bank and KeyBank.
To read the full article in the Denver Business Journal, click here.