Banking & Finance

Cleveland SBA Reports $421M in Loan Volume

CLEVELAND  — The Cleveland office of the U.S. Small Business Administration helped 1,818 small businesses obtain access to capital during fiscal 2017. As a result, more than $421 million was put into the hands of small business owners, the office reported Tuesday.

The loan volume continued the steady increase in total dollar amount during the past four years, said Gil Goldberg, district director, culminating in a 20% increase over that period.

Fiscal 2017 saw an increase of 22% in the number of loans made by the SBA district office under the 504 Certified Development Company Loan Program, with a 27% increase in the dollar amount. There were 71 such loans made for a total of $107 million, according to Goldberg.

The fiscal year also saw 1,747 loan approvals in the Cleveland district for a total amount of $372 million through the agency’s 7(a) General Business Loan Program. Fifty percent or 916 of those loans were $50,000 or less, 474 were under $25,000 and 135 were under $15,000, the office reported.

“Who says you cannot get a small loan?” said Goldberg in announcing the numbers. “Our loan figures show that our banking community is really supporting the small end of the market and providing the smaller borrower with start-up and expansion capital. In fact, start-up and new business lending has increased from last year and now accounts for 27% of all our loans or 493 new and start-up borrowers.”

The top participating lender in the district was Huntington National Bank, followed by KeyBank, Citizens Bank, US Bank, and PNC Bank, according to Goldberg.

The top community bank lender was Consumers National Bank of Minerva.

Published by The Business Journal, Youngstown, Ohio.