SYRACUSE, N.Y. — The U.S. Small Business Administration (SBA) has approved 741 loans in 34 counties across upstate New York during the first nine months of fiscal year 2016.
The figures represent a 16 percent increase over loans approved during the same period in 2015, the SBA said in a news release issued this week.
The increase is more than double the 6 percent rise in SBA-approved loans nationally, the agency noted.
SBA-backed lending continues to “grow steadily” in upstate New York, Bernard J. Paprocki, director of the SBA Syracuse, said in the agency’s news release.
“Our participating lenders have a renewed confidence, as evidenced by the increase in loan-approval activity. Small businesses are at the cornerstone of our economy, and we look forward to continue providing them with the financial assistance they need to start and grow successfully,” said Paprocki.
As of June 30, SBA loans in the Syracuse district totaled $133.9 million, including $109.6 million approved under the agency’s 7(a) loan-guaranty program.
The average 7(a) loan amount in the district for the first three quarters was more than $152,000.
The 7(a) program, which the agency describes as its “primary lending vehicle,” provides long-term financing to acquire equipment and machinery, inventory, fixtures and accessories, pay for renovations, purchase land, build new buildings, purchase existing businesses, and for the repayment of debts.
In addition, the SBA backed 23 loans for nearly $24.3 million under the agency’s 504 certified-development company program.
The 504 loan program provides small-business owners with long-term, fixed-asset financing.
Onondaga County has the most approvals so far in the FY 2016 with 106 loans totaling more than $26 million. Oneida County has 80 loan approvals for $7.5 million.
In addition, Saratoga County has notched 74 loan approvals for $17.1 million, while Albany County has 73 loans for $15.1 million through nine months of the fiscal year.
Of the total activity for the period, the SBA backed 44 loans worth $5.8 million for full-service restaurants, representing the “highest number” of SBA loan approvals for a specific industry, the agency said.
In the same category, the agency approved 34 loans for landscaping services valued at $2.1 million, 30 loans for residential remodelers worth $1.8 million, 23 loans for limited-service restaurants valued at $3.9 million, and 16 loans for hotels and motels worth $33.8 million.
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