Local SBA lending dropped 17 percent in 2009

Local loans issued through the Small Business Administration’s popular 7(a) guarantee program plunged by an astonishing 64
percent for three of the city’s four largest banks during 2009, while overall lending in the program slipped 17 percent in
the metro area.

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Federal stimulus trickles down

There’s a smorgasbord available for small businesses in the federal stimulus package. The trick is figuring out how to get a plate. Plenty of local experts are serving up access to the buffet. And some entrepreneurs are digging in. But others consider the
stimulus warmed-over leftovers.

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SBA loan approvals

These businesses have received loans from financial institutions with
a guarantee
from the SBA. Not all funds are disbursed immediately. Furthermore, some approved loans are subsequently canceled.

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