$14 Million in SBA Loans Issued in Mesa County
An article posted by The Business Times discusses SBA lending in Mesa County. Colorado Lending Source issued three Small Business Administration 504 loans in this county.
"Nearly $14 million worth of loans were issued in Mesa County during the 2017 fiscal year under two federally backed small business programs.
According to the Colorado District Office of the U.S. Small Business Administration, 37 loans worth a collective $13,954,110 were issued under the SBA 7(a) and 504 guarantee programs.
The numbers added to what was record-level SBA lending statewide for a seventh consecutive year.
“These strong and steady loan numbers once again reflect the highly effective collaboration between SBA’s outstanding staff and its many lending and business training partners. Seven years of successive record lending bodes well for continued economic growth in this great state,” said Frances Padilla, director of the SBA Colorado District Office.
In Mesa County, the total number of loans issued through the 7(a) and 504 programs were up only two over the 2016 fiscal year. But the combined dollar volume increased $5.8 million.
Thirty-four loans worth a total of $10,399,100 were issued in Mesa County through the 7(a) general business loan program. Another three loans worth a total of $3,555,000 were issued through the 504 program to finance land, buildings and equipment.
The SBA doesn’t directly issue loans through the 7(a) and 504 programs. By guaranteeing repayment of a portion of the loans, however, the agency enables lenders to extend financing to businesses that might not qualify under conventional terms.
In Mesa County, Wells Fargo issued the most 7(a) loans — 17 worth a total of nearly $5 million. Timberline Bank issued five loans worth a total of almost $2.4 million. U.S. Bank issued five loans worth $324,000.
Colorado Lending Source issued three loans in Mesa County under the 504 program for a total of more than $3.5 million."