The Los Angeles district office of the U.S. Small Business Administration led the nation in dollar volume and number of loans for the 2012 fiscal year.
The office, which serves Los Angeles, Ventura and Santa Barbara counties, helped finance 2,465 loans totaling about $1.5 billion, in the fiscal year ended Sept. 30. In the previous fiscal year, the office financed 2,477 loans totaling $1.58 billion.
Among the top lenders were JPMorgan Chase Bank of New York and two San Francisco-based institutions: Wells Fargo Bank and Mortgage Capital Development Corp. Among the top lenders headquartered in the greater San Fernando Valley area was CDC Small Business Finance Corp. of Pasadena.
A major contributor to the L.A. office’s numbers was the 504 Loan Program, which provides long-term, fixed-rate financing to buy fixed assets, such as real estate, for expansion or modernization. The program supported $530 million in small business credits, according to the SBA.
“SBA’s lending programs and partners have helped create a path for small business growth throughout our district,” said Victor Parker, Los Angeles SBA district director, in a prepared statement. “We are providing the tools to help small businesses access capital, which will ultimately lead to job creation and a stronger more vibrant economy.”
Mark R. Madler