During that year, the agency approved 52,044 7(a) loans for $19.2 billion, an increase of 12 percent in the number of loans and 7.4 percent in dollar amount over the previous year.
During the same time period, banks in Colorado made 1,441 Small Business Association 7(a) and 504 loans. As a result, small business owners accessed more than $654.3 million for their businesses, surpassing the previous year’s record by more than $32 million.
In El Paso County, the U.S. Bank National Association led the list of SBA 7(a) loan originations with 31. That bank loaned $2.97 million.
Central Bank and Trust made 13 loans, and they totaled $6.8 million.
Normally a leader in SBA loan origination, Wells Fargo Bank here made 18 loans totaling $4.7 million.
In total, banks in El Paso County made 109 SBA 7(a) loans worth $32.8 million and 20 SBA 504 loans totaling nearly $20 million.
In Colorado, 267 loans worth $146 million were made to minority-owned small businesses, and 222 loans worth $80.4 million were made to women-owned businesses. Seventy-nine loans totaling $29.4 million were approved for veteran-owned businesses.
Accommodation and food service and retail were the industries that received the largest number of loans.
The 7(a) program offers loans to cover the majority of business expenses, such as short-term and long-term working capital, exports and refinancing debt under certain conditions.
The 504 loan program provides long-term fixed financing for real estate and equipment.