An improved outlook on business, historically low interest rates and increased marketing helped push federally backed small-business loans to another record in Arizona.
In fiscal 2004, which ended Sept. 30, the US Small Business Administration guaranteed 2,091 loans worth US$797.4m.
That's up from 1,770 loans worth US$649.9m in fiscal 2003. It was the seventh year of gains for loans in this state.
"We have a strong economy locally, but we're seeing a real impact from it (SBA's centralized functions)," said Bruce Hodgman, Arizona's deputy district director for SBA.
The agency has sent loan processing to Sacramento and servicing and liquidations to Virginia, leaving staff with more time to promote its three lending programs, 7(a) for working capital; 504 for real estate and land acquisitions; and microloans, aimed at businesses seeking less than US$35,000.
