WILMINGTON, Del. (AP) - The U.S. Small Business Administration's Delaware District Office has broken its single-year record for the number of private loans it has helped small businesses secure.
The Wilmington News Journal reports that, as of Aug. 1, the office has assisted 180 businesses in receiving private, federally backed loans. That number surpasses last year's mark of 119, with two months left before the end of the federal fiscal year.
As of July 31, the office had awarded federal guarantees on loans totaling just about $101 million - nearly three times the volume approved in 2014 and close to seven times the amount in 2010.
Under the programs, the SBA does not extend actual loans to borrowers. Instead, the agency provides federal guarantees to lenders on behalf of small businesses.
