SBA official: 'Across California we had a huge increase in lending'
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NORTH BAY -- North Bay SBA lending -- both 504 and 7a -- increased by 35 percent in dollars and 21 percent in volume year-over-year for the first half of fiscal 2011 that began in October.
A total of $47,822,600 was lent to North Bay businesses in those first six months, according to the SBA.
The maximum loan allowance was increased from $2 million to $5 million last year for both the 504 and 7a SBA programs last year with the Jobs Act.
“Across California we had a huge increase in lending,” said Mark Quinn, district director of the SBA in San Francisco. “In dollars it has gone up significantly. There are bigger loans being made because SBA is allowing larger loans.”