Small businesses throughout the Granite State continued to make gains in accessing vital capital through a growing number of lenders who employed loan guarantees for U.S. Small Business Administration (SBA) loans. The increased lending activity was intense during the first three months of the year.
New Hampshire SBA Office District Director Greta Johansson
In New Hampshire, fiscal year 2011 saw over $150 million dollars injected into small businesses through 762 loans approved using the SBA’s loan guarantee programs. This represents a 33% increase in total dollars loaned to small businesses when compared to 2010 and a 70% increase in SBA guaranteed loans since 2009. The increase in New Hampshire lending is comparable to the nation-wide increase in SBA activity, which set an all time $30 billion record.
Greta Johansson, District Director of the New Hampshire SBA Office commented, “I am greatly encouraged by the results for the 2011 fiscal year. The data demonstrates that our SBA lenders throughout the state are actively looking for opportunities to lend to qualified small business owners.” The 2010 Jobs Act provided temporary enhancements that spurred loan activity during the fall; permanent provisions, however, including a substantial increase in lending limits, helped SBA loan growth continue through the year.
In fiscal year 2011, 762 SBA guaranteed loans were approved for New Hampshire businesses. The total value of the financing included approximately $50 million for the acquisition or real property and fixed assets through the SBA 504 program. In addition, 645 loans approved through the SBA 7a program for nearly $100 million providing funds used for predominantly for working capital and new equipment purchases. This is the highest level of SBA financing in the state since fiscal year 2006.
The capital provided through SBA loans goes directly into the hands of small businesses that are saving and creating jobs each day. The loans are used to provide working capital, financing for new equipment purchases, business acquisitions and real estate purchases.
In concluding her comments on the 2011 year end results Johansson continued, “It is a good sign that small business owners in our state continue to increase their financial commitments in their businesses. In like fashion, our community banks and credit unions in growing numbers have responded to their small business clients through the use of SBA’s loan guarantee programs when needed. We look forward to 2012 as a year where these positive trends continue.”