Stimulus: SBA increase loans to Arizona small businesse by 54%

PHOENIX, AZ – U.S. Small Business Administration (SBA) lending in Arizona increased significantly in the second quarter of the federal government’s 2010 fiscal year ending March 31, 2010. SBA loans increased to 577 during the quarter, up 54.3% over the FY2009 2nd quarter of 374 loans. Dollar volume increased 29.3% during the period to $212 million.
  The American Recovery & Reinvestment Act of 2009 (ARRA) signed by President Obama on February 17, 2009, provided broad reaching assistance to small businesses, including an increase in the guarantee on all loans up to 90 percent from 75 to 85 percent and the elimination of guaranty fees, resulting in substantial savings for small business borrowers.

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