SBA breaks record for loans; Delaware volume increases 51%

The Small Business Administration’s Delaware office has guaranteed more than $100 million in loans in the first 10 months of its fiscal year, a record number.

Loans were halted briefly last week as the U.S. Small Business Adminsistration reached its authorized maximum for the year, but Congress authorized an additional $5.5 billion.

Loan volume in Delaware is up 51 percent and dollars financed is up 186 percent.

The state office guaranteed 180 loans worth $101.8 million during the first 10 months of this fiscal year. That compares with 119 loans worth $35.6 million in 2014 and 85 loans worth $43.8 million in 2013.

Loans to women are up 40 percent to 56 loans, and dollars financed for women is up 101 percent to $21.6 million. Loans to veterans were up 216 percent, with a total of 19 loans, and loans to minorities were up $87.5 percent with 60 loans guaranteed.

Most minority loans went to Asians, with 30 loans.

• Kent County loans rose from 18 in 2014 to 39 in 2015, and the dollars financed rose from $1.8 million to $22.7 million, a 1161 percent increase.
• New Castle County loan volume was up 60 percent to 104 and dollars financed were up 130 percent to $57.5 million.
• Loan volume in Sussex County was also up — 42 percent to 37. Dollars financed were up 147 percent in Sussex – fro $8.6 million to $21.6 million.