U.S. Small Business Administration lending in Connecticut increased significantly in the federal government’s 2015 fiscal year ending Sept. 30, 2015. SBA backed loans rose 19 percent to $238 million in fiscal 2015 representing 695 loans compared with 587 borrowers who received $221 million in 2014.
Fee savings in Connecticut for small businesses were just under $350,000 on loans made under $150,000. Lending to underserved communities increased by 17 percent over 2014 with 196 loans in minority lending.
The increase in the dollar and volume of loans indicates positive activity within Connecticut’s financial industry as banks begin to take on more loans and small businesses are finding it easier to approach lenders. The increase is also not unique to Connecticut as many other New England states saw increases in SBA lending.
