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SBA Loans in Arkansas Increase 111 Percent

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Small Business Administration loans in Arkansas increased 111 percent in fiscal year 2015, the federal agency said Monday.

Arkansas’ performance exceeded the national average and includes a 34 percent increase in numbers of loans, the SBA said.

Results nationwide for SBA’s 7(a) flagship loan program showed impressive gains over FY2014, with 63,000 loans totaling $23.6 billion; an increase of 22 percent in number of loans and 23 percent for total dollars.

Nationally, the 504 program saw a slight decline in the number of loans, from 5,885 in FY2014 to 5,787 in FY2015, but the reduction was offset by an increase in dollar amount, $4.3 billion compared with $4.2 billion in FY2014.

“We are still celebrating this tremendous success that the Arkansas market has achieve,” said SBA’s South Central Regional Administrator Yolanda Garcia Olivarez. “More than $260 million has been made available to 382 local small businesses. This is something that speaks volumes to the financial assistance the SBA provides and the great partners we have supporting our mission such as the Arkansas Small Business and Technology Development Center. Once again we have reached record numbers that will benefit the Arkansas economy as a whole.”

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