SBA backs more than $14.3M in loans to P.R., USVI small businesses
In the first quarter since its enactment, the Small Business Jobs Act has enabled the Small Business Administration to approve more than $10.3 billion in loan guarantees, which in turn have generated more than $12 billion in commercial lending to small companies, agency Administrator Karen Mills said.
Of that money, more than $14.3 million has gone to guaranteeing loans taken by 63 small businesses in Puerto Rico and the U.S. Virgin Islands, data provided by local agency officials shows.
“SBA is on the front lines with small business owners and our lending partners every single day. I’m very proud that as a result of those close relationships and partnerships we were able to quickly put this significant amount of capital into the hands of our nation’s largest job creation engine,” Mills said.
President Obama signed the Small Business Jobs Act of 2010 on Sept. 27, 2010, to help small businesses gain access to capital, compete for federal contracting opportunities, expand exporting opportunities and obtain other assistance to help them grow and create jobs.
Since its passing, the SBA has approved nearly 22,000 small business loans for $10.4 billion, supporting a total of $12.1 billion in lending throughout the U.S. mainland and its participating territories.
Because loan activity has been so brisk, the agency will take advantage of a Congress-approved extension of the loan enhancements through March 4, to redirect any money that becomes available from loan cancellations to generate new loans. For that purpose, the agency has created a loan queue, in conjunction with SBA lenders.