NUMBER OF SBA LOANS IN STATE UP SLIGHTLY IN 2018

The U.S. Small Business Administration approved 1,766 loans worth $884.9 million in Colorado during the federal fiscal year that ended Sept. 30, according to a news release issued Wednesday.

The number of loans went up slightly, but the dollar volume fell from the prior year, when 1,758 loans were approved worth a record $902 million.

Dan Nordberg, administrator of SBA Region VIII, which includes Colorado, attributed the lower dollar volume to the ability of more small businesses to obtain conventional financing without the guarantees the SBA steps in to provide when lenders are hesitant.

“The small business community has benefited from a very good probusiness environment, which was enhanced this year by the president’s tax cuts and reduction of red tape and regulations,” Nordberg said in a statement.

Wells Fargo remains the state’s top issuer under the SBA’s most popular program, 7(a), with 239 loans worth $91.5 million. It was followed by U.S. Bank with 157 loans worth $14.3 million. Other banks that issued 40 or more 7(a) loans in Colorado last fiscal year included JP Morgan Chase, Hanmi Bank, Bank of the West, Compass Bank, CoBiz Bank and Key Bank.

Colorado businesses took out 1,436 loans valued at $730.1 million under the 7(a) program, with the average loan size at $508,357.