According to recent statistics, the Small Business Administration (SBA) approved $28.6 billion in loans this year. While that number might sound staggering to some, it's actually $1 billion less than the previous year, and the third straight year of decline.
Some might be concerned with this trend. But on the other side of the coin, the number of approved loans has been increasing steadily. In fact, almost 58,000 loan applications were approved this year compared to 54,106 last year and 53,848 in 2012.
This basically shows a larger number of small businesses are receiving smaller dollar loan amounts. So SBA Loans are shrinking and growing.
But beware, just because more loans are being approved, it doesn't guarantee you'll get a loan.
If you want to increase your chances of securing an SBA Loan, find out why it makes sense to work with a company like Benetrends that offers a money-back fee guarantee and has a 97% approval rating. Contact us at 866-423-6387 to learn more.