This week SBA published its regular “Lending Statistics for Major Programs” as of December 6. This report provides rolling performance statistics periodically for the 7(a) and 504/CDC loan programs, broken down by the respective categories of minority participation and policy-targeted penetration.
Overall, the 7(a) program continues a sluggish start into fiscal 2014, which began on October 1, 2013 with year-to-date total volume of $2.58 billion, down 11% from the same period a year ago (as of December 6, 2012). A slower start into fiscal 2014 was expected due to the federal government shutdown that lasted 17 days in October.
The number of 7(a) loan increased to 7,162 through December 6, 2013, nearly 9% fewer that the fiscal year-to-date 2013 figure and lagging about 2.6% behind the same period in fiscal 2012. Another metric tracked by many pundits is the average 7(a) loan size, which is currently $359,848, down a modest 2.2% year to date from fiscal 2013, but still 14% over fiscal 2012. Expect that number to grow as the year progresses.
Meanwhile, in SBA 504/CDC lending, the total volume of loans lagged at $680 million year to date through December 6, 2013, down 29% from fiscal year-to-date 2013 and almost 14% lower volume than the opening of fiscal year-to-date 2012 results.
The total number of 504/CDC loans decreased to 1,004 fiscal 2014 year to date (through December 6, 2013) after totaling 1,465 at this point in fiscal 2013. This level of loans marks a 31% decrease from 2013 and more than an 18% decrease from fiscal year-to-date 2012 lending.