A total of 71 of the
"We're on the right track," said
The SBA's statistics showed that while the number of recipients climbed, the total dollar value of those loans continued to lag. The combined value of the June loans was
An SBA policy change a few months ago seems to have contributed to both trends. The agency eliminated fees on SBA-backed loans of
Sciortino said the pickup in the number of loans is noteworthy. "The more loans you can make, the more small businesses you're helping," he said. "I'm really encouraged that it's going to continue for our last quarter" of the fiscal year.
The SBA program overcame a rough start, hindered by the partial government shutdown last October -- when the current fiscal year began -- followed by a harsh winter that seemed to impede activity at the start of 2014.
Under the program, the government provides guarantees for up to 85 percent of the principal amount of a loan. It is designed to help small businesses that might otherwise have trouble getting a loan, by giving banks more confidence to the lend to them.
For the first nine months of the fiscal year, total dollar volume was
M&T led in both categories for the first nine months of the fiscal year, followed by
A total of 31 institutions are participating in the SBA program in the current fiscal year, compared to 28 at this time last year.
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