SBA loans running at record pace in Del.


Nine months into the 2012 fiscal year, Small Business Administration lending totals in Delaware have set a new record, SBA Delaware District Director Tony Leta announced. The loans are credited with helping to create or retain more than 1,480 jobs in the state.blank

During the first three quarters of the fiscal year, the SBA backed $52.1 million in Delaware loans, guaranteeing 102 loans, This is a sharp increase from a year ago when 83 loans totaling $18.9 million were reported.

It also lso exceeds the all-time record for SBA-backed dollars lent in Delaware, set in 2006 at$42.3 million. SBA lending is down nationally as federal stimulus programs expired.

Much of the growth in SBA lending has occurred in Sussex County, with a 300 percent increase in agency-backed dollars loaned over the previous year in the county. Additionally, SBA’s certification of three banks as new SBA lenders this year boosted lending. Applied Bank, MidCoast Bank, and First National Bank of Wyoming have combined to issue 10 loans for $14 million in their first

M&T Bank came in with 28 loans followed by Citizen’s Bank, which had written 15 loans. Applied Bank leads the way in dollar volume approving $9.9 million in loans so far in only two months as an approved SBA lender. few months of SBA lending.

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