U.S. Small Business Administration program lent $389M last year

The U.S. Small Business Administration said Thursday that its American Recovery and Reinvestment Act loan programs have produced 1,574 loans worth $389 million in Utah since February 2009.

The SBA's Utah office has seen its average weekly loan activity increase by 18 percent since ARRA was enacted. Since Oct. 1, the beginning of the 2010 fiscal year, the Utah district office has guaranteed 511 loans for over $78 million.

The funds allow SBA to eliminate or reduce fees for borrowers on SBA-guaranteed loans and to increase to 90 percent the guarantee SBA provided to lenders on those loans, therefby reducing their risk.