$14 million in SBA loans issued in Mesa County

Nearly $14 million worth of loans were issued in Mesa County during the 2017 fiscal year under two federally backed small business programs.

According to the Colorado District Office of the U.S. Small Business Administration, 37 loans worth a collective $13,954,110 were issued under the SBA 7(a) and 504 guarantee programs.

The numbers added to what was record-level SBA lending statewide for a seventh consecutive year.

“These strong and steady loan numbers once again reflect the highly effective collaboration between SBA’s outstanding staff and its many lending and business training partners. Seven years of successive record lending bodes well for continued economic growth in this great state,” said Frances Padilla, director of the SBA Colorado District Office.

In Mesa County, the total number of loans issued through the 7(a) and 504 programs were up only two over the 2016 fiscal year. But the combined dollar volume increased $5.8 million.

Thirty-four loans worth a total of $10,399,100 were issued in Mesa County through the 7(a) general business loan program. Another three loans worth a total of $3,555,000 were issued through the 504 program to finance land, buildings and equipment.

The SBA doesn’t directly issue loans through the 7(a) and 504 programs. By  guaranteeing repayment of a portion of the loans, however, the agency enables lenders to extend financing to businesses that might not qualify under conventional terms.

In Mesa County, Wells Fargo issued the most 7(a) loans — 17 worth a total of nearly $5 million. Timberline Bank issued five loans worth a total of almost $2.4 million. U.S. Bank issued five loans worth $324,000.

Colorado Lending Source issued three loans in Mesa County under the 504 program for a total of more than $3.5 million.

Statewide, the SBA backed 1,758 loans valued at a combined $902 million during the 2017 fiscal year ending Sept. 30. Of that, 1,590 loans worth a total of $761 million were issued  through  the  7 (a)  program.  Another 168 loans worth a collective $142 million were issued through the 505 program. Those numbers made for an average amount of $478,361 for 7(a) loans and $843,905 for 504 loans.

Wells Fargo remained the top 7(a) lender, issuing 322 loans worth a combined $116 million. Colorado Lending Source was the top 504 lender, issuing 122 loans worth a total of nearly $99 million.

While 547 loans were issued to women-owned businesses in Colorado during the 2017 fiscal year, 372 loans went to minority owned businesses and 116 to veteran-owned firms.

Nationwide, the SBA backed 68,648 loans worth a total of $30.5 billion through the 7(a) and 504 programs.

Padilla said SBA-backed lending supports not only small businesses, but employment growth. “America’s small businesses continu to pack a major economic punch, creating two-thirds of all net new private-sector jobs in Colorado and across the nation.”

The Business Times has served as the definitive source for Grand Junction business news since 1994. The journal offers news, views and advice you can use twice each month in print with daily updates online at www.TheBusinessTimes.com
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