Earlier this month, we announced that more and more businesses were gaining access to capital after the economic downturn of ’08, and now, the Small Business Lending Fund (SBLF) has announced that they’ve increased small business lending by $12.5 billion since 2010, a sure sign that recovery is well on its way.
The Small Business Lending Fund was created in 2010 to help qualifying community banks and Community Development Loan funds increase their lending to small businesses. The SBLF currently operates in 47 states and Washington D.C.
Here are some highlights from the infographic released by the US Treasury detailing the status of the program as of the 4th quarter of 2013:
- 80% of the loans made are under $25,000
- Though loans are made to businesses in every industry, the service industry is granted the most
- The SBLF is most active in the Southwest region of the US
The SBLF estimates that with most of their participants increasing their lending by 10%, a total of 56,900 loans have been made since the program’s inception. This data, combined with information from the quarterly index released by Pepperdine University Graziadio School of Business and Management and Dun & Bradstreet Credibility Corp. indicates that the current economic climate may be the time for business owners seeking loans to start applying. With lending requirements becoming less stringent, now is the time to see what you may qualify for.
Photo credit: Cliff, Flickr