The U.S. Small Business Administration approved more than $60.8 million in 7(a) small business loans to El Paso County businesses in the fiscal year ending Sept. 30.
Of those, Wells Fargo was the largest lender at $14.3 million to 32 businesses.
Next was Central Bank & Trust, with 16 loans made to the tune of $10.7 million.
The BBCN Bank made 5 7(a) loans totaling $6.1 million.
Ridgestone Bank made three 7(a) loans totaling $5.2 million, and Farmers & Stockmens Bank loaned $4.5 million to four small businesses.
The SBA 7(a) loans, limited to $5 million, are extended to qualifying businesses in a wide range of industries that in general have average revenue of less than $20 million and 500 or fewer employees.
The agency’s 504 loans are typically used for real estate but can be used for other long-term fixed assets like certain equipment or renovation.
For the 504 loans, 24 were made through the Pikes Peak Regional Development Corp. and totaled $18.8 million. Since its formation in 1976 with the goal of providing low-interest loans to small businesses in Old Colorado City, the Pikes Peak RDC has been certified by the SBA to provide the 504 loans.
Another loan originator, Colorado Lending Source, made 13 SBA 504 loans totaling $7.7 million to El Paso County businesses.
The Denver Urban Economic Development Company made a single SBA 504 loan to an El Paso County business, and it totaled $1.2 million.
The U.S. Small Business Administration provided figures for loans made to businesses in El Paso County, and their impact, for fiscal year 2013, which ended Sept. 30.
7(a) loans: $60.8 million, compared with $42.6 million in FY12
504 loans: $16.75 million, compared with $17.7 million in FY12
Jobs created: 129
Jobs retained: 182
Businesses started: 10
Capital infusion: $2.43 million
Owner investment: $1.6 million
Sales increased: $3 million
FY14 incentives: No fees for loans of $150,000 or less