- Posted November 02, 2011
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Michigan leads in type of government-backed loan
DETROIT (AP) -- Michigan banks and credit unions led the nation in providing a popular type of government-backed small-business loans in the most recent fiscal year.
The Detroit Free Press reports Tuesday that from October 2010 through September 2011 those lenders made 2,063 of one type of U.S. Small Business Administration-backed loans worth $689 million, up from 1,406 loans worth $386 million in fiscal 2010.
The 7(a) loans went to businesses in a variety of industries in most of Michigan's counties.
The increase is credited to a variety of factors, including greater awareness of the program, more banks that are offering these kinds of loans and stepped-up marketing from the SBA's Michigan district office. Last fall, the SBA also waived fees for the loans.
Published: Wed, Nov 2, 2011
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