BIRMINGHAM, AL – The U.S. Small Business Administration Alabama District Office released a report on Alabama SBA loan activity for Fiscal Year 2015 which showed an increase over Fiscal Year 2014. This mirrored a nationwide trend in SBA lending and demonstrated a positive change in lending to Alabama small businesses.
SBA Alabama District Director Tom Todt said, “This is a welcome trend in lending to small businesses in Alabama and shows that lenders are increasingly recognizing the benefit of SBA loan programs and services. This SBA and commercial lender partnership can only continue to benefit Alabama’s small businesses.”
The number of SBA 7(a) loans made in Alabama for 2015 was 475 which represented a 20% increase over 2014 for a total in loan dollars of $214.0 million which was a 6% increase over the previous year. SBA 504 loans saw a 5% increase in number of loans from 58 to 61 loans for $35.5 million which represented an 11% dollar amount increase over 2014.
The lender that did the greatest dollar amount of SBA 7(a) loans in Alabama was Live Oak Banking Company, which did 32 loans totaling $61.5 million. The greatest number of loans was made by BBVA Compass Bank at 89 and they were the largest SBA Express lender with 86 loans totaling $2.6 million. The largest 504 lender was Southern Development Council in Montgomery with 27 loans totaling just under $10.9 million. SBA 504 loans are made with the participation of commercial lenders.
ALABAMA DISTRICT OFFICE
Contact: David V. Ramp 205-290-7393
Internet Address: http://www.sba.gov/al
Release Date: December 7, 2015
Release Number: 16-03