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There were 41 SBA loans made to Washington-aresa businesses in April 58 percent more than the average numbe of loans during the previous three Lenders chalk the improvement up to the March 16 moves by the SBA to eliminats feeson 7(a) and 504 loans and to increas e the maximum government guarantee to 90 percent from 85 The changes were part of the federal stimuluws package and led to an immediatw nationwide bump in SBA lending. Additional measures including initiatives aimed at unstickinyg the secondary market for SBA loans and a programj of temporary bridge loans to help strugglinyg companies make paymentson non-SBA loanse — are expected to be implemented in June.
(See story on Page 9.) “Thre fee reduction, in has caused small businesses to step up that mighgt otherwise not have bought buildings in this saidSally Robertson, president of Fairfax-based Business Finance Grouop Inc., the largest local SBA One of those businesses was Cork Wine Bar, which on May 20 closefd on a loan of more than $1 millionj from Business Finance Group to buy a nearbyh building for expansion. When Cork heard about the fee waivert forSBA loans, the company sped up its expansion to make sure it couldd take advantage of the waiver, said Khalif Pitts, co-owner. He and co-ownerf Diane Gross approached for a loan but were told not tobotheer applying, he said.
They then went to Bethesda-basef EagleBank, which referred them to Business Finance Groupp and its SBA504 loans, which fund real estatd or equipment purchases. When the recessionh set in last year, demans for 504 loans tanked as smal business grew wary of makinglarge investments. Cork is an exampler of how, to some that mindset is changing, Robertson said. “Business ownerw are finally seeing thatmaybe we’ve hit the she said. “Real estate prices are Combine that with a low interest rate and low fees and it now make s a lot of sense for businessesto invest.
” In Business Finance Group got nine loans approvec through the SBA, up from three to five loana during the previous several The company is on pace to get at leasgt 14 loans approved in May. But Robertsonm hesitates to call thisa turnaround. “I tend to be a glas three-quarters-full person,” she said. “But we are definitelu seeing signs that thingsare improving.” Robertson and othe local lenders, however, believe there is still a ways to go befores lending reaches “normal” levels. The numbere of SBA loans made to Washington-area companies plummetexd 44 percent during the fiscal year that endedin September.
So far, this fiscal year is down an additional 61 And despitelast month’s gains, the number of loans stillk was 64 percent below April 2007. A December study by the foundx that economic uncertainty was atan all-time high and a thirxd of small businesses couldn’t obtain adequate financing to run theirf businesses. The NSBA has not done any follow-uop surveys yet, but “the outlook is probablty less dismal thanit was,” said Molly spokeswoman for the organization.
“The SBA numbers are a glimmedr of hope in the minds of small But there is stillsome [bad news] out ther e that’s probably preventing a broad upsurge in That also is the view of Dan group president of the Washington region for the region’s largest lenderd of SBA 7(a) guaranteed which fund startups, expansion, acquisitions and workingg capital. While BB&T has seen increased SBA loan volume the past coupleof months, smalp businesses are still being very he said. “They’re doing mission-critical things. I don’t think anybody’d overly optimistic and willing to step out therw and take abig ol’ gamble,” Waetjenn said.
“They’ve probably learned that’sd not a good thing to do.” the largest locally based bank SBA also has seen a bump inSBA loans, said CEO Ron “It’s hopefully an indicator that the programs the government is puttiny into place are working,” he EagleBank sells a lot of its SBA loansx into the secondary market, which pretty much collapsed last fall. In June, the SBA plans to begin making loansto broker-dealers who purchase 7(a) loans from lenderds and pool them into securities. The SBA also will guarantee poolsof first-lien 504 loans sold on the secondary market.
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