Type to search

News Small Business

Delaware SBA sets record for loan numbers

Avatar photo

The U.S. Small Business Adminstration’s Delaware District Office set an all-time record for loan numbers in the fiscal year ended Sept. 30.

The SBA backed 209 loans for nearly $112 million for Delaware’s small businesses — a 43 percent increase in the number of loans and a 144 percent increase in dollars lent.

New Castle County was up 92 percent to $61.9 million; Sussex County was up 92 percent to $61.9 million and Kent County was up 981 percent to nearly $24 Million.

Loans to women-owned businesses were up 54 percent. Loans to veteran-owned businesses were up 278 percent, and loans to minority-owned businesses were up 169 percent.

“This was an amazing year for SBA lending in Delaware,” said Delaware SBA District Director John Fleming. “Our previous all-time best was $57.8 million, and we nearly doubled that. Consider the positive impact on Delaware’s economy. That money backed new businesses, expanded existing businesses, and created more jobs.”

For the SBA flagship 7(a) loan program, the top three lenders in Delaware by number of loans made were: M&T Bank, WSFS Bank, and Wells Fargo Bank. By total dollar amount, the top 7(a) lenders were: Live Oak Bank of North Carolina, First Financial Bank or Arizona and TD Bank.

Under the SBA’s 504 loan program for land, buildings, and durable equipment the leading third party lenders were: M&T Bank, Fulton Bank, and WSFS. The top community development company supporting these 504 loans was thee Delaware Community Development Corporation

Get the free DBT email newsletter  

Follow the people, companies and issues that matter most to business in Delaware.


You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *

Premier Digital Partners

© 2024 Delaware Business Times

Flash Sale! Subscribe to Delaware Business Times and save 50%.

Limited time offer. New subscribers only.

Limited time offer. New subscribers only.


Subscribe to Delaware Business Times and save 50%