After an 8% increase last year, SBA-backed business lending in Wisconsin flattened out in fiscal 2017.
Banks and other lenders advanced $650.6 million in loans backed by the U.S. Small Business Administration over the 12 months ended September 30, the agency said Thursday. That was down about 1% from fiscal year 2016.
The overall results mask a sharp difference between the SBA’s programs. Lending under the so-called 504 program, which provides long-term financing for such purposes as acquiring buildings, undertaking renovations or buying equipment, rose by 27%, to $150.4 million, up from $118.3 million. Lending under the much larger 7(a) program, however, fell by 7%.
Read more in the Milwaukee Journal Sentinel.