Almost 800 small businesses across Central California received loans through programs backed by the U.S. Small Business Administration in the federal fiscal year that ended Sept. 30, marking the highest loan volume approved by the SBA’s Fresno district office since 2009.
The Fresno office oversees SBA lending in 15 counties from the Central Coast to the Sierra Nevada, including the San Joaquin Valley. The loans amounted to a total value of more than $415.5 million.
According to Carlos Mendoza, the Fresno district director, the 778 loans were made under two SBA programs: one providing broad financial support for short- and long-term capital needs, exports and debt refinancing, and another backing long-term financing to buy land or equipment or buying or renovating buildings. The loans are made by banks or other lenders and guaranteed by the SBA.
About one-third of the loans were made to minority business owners, the SBA reported. Fresno County led the district in loan volume, with a total of 175 loans, and value, with those loans amounting to more than $89.1 million.
Across the region, the loans were expected to allow small businesses to maintain or create more than 11,000 jobs.