Those critics who predicted doom and gloom for SBA lending due to increased fees seemed to be proved wrong as reported at Inc.com.
“Despite rising interest rates and higher fees, small business owners tapped a record number of Small Business Administration-backed loans in the first quarter of fiscal year 2005.
“In the quarter, which began October 1, 2004 and ended December 31, 2004, the Small Business Administration (SBA) and its partner banks approved 23,197 loans worth .56 billion, a 23% increase in volume and a 14% increase in value over the same period a year ago.”
Fees were raised to offset a new budget model for the SBA that was passed to try and create more long-term stability in its lending programs.
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