Recent reports on small-business lending activity suggest that an engine for the American economy may be revving up.
The U.S. Small Business Administration (SBA) said that small business loan activity reached the highest mark in the agency?s history during FY2011. The record loan approval volume, totaling $30.5 billion, marks a return to pre-recession levels, the SBA said.
The money was loaned to 61,689 small businesses and startups during the fiscal year, which ended Sept. 30. That compares to $22.6 billion (60,771 loans) in FY2010 and $17.9 billion (50,830 loans) in FY2009.
Accentuate the positive
"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," said SBA Administrator Karen Mills. "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 they can grow and create jobs."
Another
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