That amount was surpassed only by FY 2011, which was heavily boosted by the loan incentives under the Small Business Jobs Act of 2010.
In Colorado, the trend in SBA-backed lending followed the same pattern. SBA loan programs supported 1,293 loans for $558 million, slightly down form 2011 but up for 2010.
Overall, the pace of SBA loan-making is a healthy sign for the economy and the credit markets and is one of the foundations for ensuring the availability of financing to small businesses, SBA official said.
The near-record pace was driven in part by the Certified Development Company (504) loan program, which supported $15.09 billion in small business credits across the country. In Colorado, the 504 program supported $159 million in small business credits.
The strong performance of 504 loans was boosted by the temporary 504 refinancing program, which was responsible for 26 percent of the 504 program loans made in FY 2012 and 34 percent of the dollar volume. The recently expired 504 refinancing program was part of the incentive package under the Jobs Act.
“Reaching such strong numbers is a clear sign that both the business and lending communities are regaining their confidence in the economic climate of the country,” said SBA Administrator Karen Mills. “It means that the credit markets are increasingly willing to help small businesses establish themselves, grow and create new jobs for Americans.”