SBA lending in Connecticut increased 3% in numbers and 1% in dollars in the federal government's 2017 fiscal year ending September 30; 819 loans were approved compared to 794 loans in 2016.

The jump marked the fourth consecutive year of increased SBA lending in Connecticut.

The 819 loan approvals consisted of 702 guaranteed loans, 66 SBA 504 loans, and 51 microloans.

Nationally, the SBA announced fiscal year 2017 lending numbers showing increasing loan levels in small business lending through the 7(a) and 504 loan programs, as well as increases in lending to women, veterans, and emerging communities.

The SBA approved over 68,000 loans in the 7(a) and 504 loan programs in fiscal 2017. These programs provided over $30 billion to small businesses.

Improved Lending Environment

The increase in the dollar and volume of loans indicates positive activity within the financial industry.

Banks continue to take on more loans and small businesses are finding it easier to approach lenders.

Increased lending is not unique to Connecticut as many other New England states are benefiting from the impact of SBA lending.

The SBA attributes the increased lending to the agency's simplification of the loan process through the new Lender Match program and SBA One.

The SBA also notes that many local banks have expanded their small-business lending initiatives.

Banks continue to take on more loans and small businesses are finding it easier to approach lenders.
TD Bank, Webster Bank, Berkshire Bank, Farmington Bank, and Liberty Bank were among the top SBA lenders in Connecticut this year.

Community Investment Corporation once again ranked number one in SBA's 504 real estate loan program, and the Community Economic Development Fund was the top microlender in the state.

The positive lending environment was reflected in CBIA's 2017 2nd Quarter Economic and Credit Availability Survey, which showed that credit conditions remained strong in the second quarter, with 83% of those surveyed reporting no issues with availability.

Nineteen percent characterized Connecticut’s current credit conditions as excellent or good, while 62% called conditions average, and 21% said they were fair.

For more information on any of SBA's programs or services for small businesses in Connecticut, call the SBA Office at 860.240.4700 or helpline at 1.800 U ASK SBA.