SBA boosts dollar amount of loans 24%
The U.S. Small Business Administration reported Wednesday that it boosted the number and amount of loans issued in Maine in its most recent fiscal year.
The SBA said in a press release that it loaned 24% more money in 2013 and raised the number of businesses receiving loans in Maine by 18%. In total, the agency reported it loaned $110 million to 422 Maine businesses in its last fiscal year.
The Bangor Daily News reported Bangor Savings Bank approved the most SBA-backed loans of all Maine lenders in the most recent figures, processing $11 million in loans to 74 companies. The bank was followed by Katahdin Trust Co., which approved 49 SBA-backed loans, totaling $9.8 million.
Seth Goodall, the SBA’s New England Regional Administrator, said the latest figures show small businesses in Maine are recovering from the recession that began in 2008.
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