Delaware sees 98 percent SBA loan volume increase

10/12/2011

Delaware loan volumes have increased each of the past three years, according to the News Journal. While district director of the Small Business Administration's Delaware office Jayne Armstrong explains that numbers are "nowhere near" pre-recession levels, the federal Small Business Job Act has still improved the state's overall economy.

"I'm optimistic with the upward trend over the past three years," Armstrong told the news source. "As Delaware creates an economic development infrastructure to support a small business economy, we should see more small business growth in the coming years."

During the 2011 fiscal year, Delaware increased its loan volume by 98 percent to $33.4 million, up from $16.9 million in 2010. Total number of loans his risen yearly since 2009 from 86 to 103 to 118 this year.

Buffalo, New York-based M&T Bank handed out the most 7(a) loans at 31, followed by Citizens Bank which dispersed 20 and Superior Bank which provided 10.

SBA Administrator Karen Mills recently announced that disaster loans have become available for Delaware areas affected by Hurricane Irene following a declaration from Governor Jack Markell.