Posted on: Wednesday, October 13, 2004

Another good year for local SBA office

By Dan Nakaso
Advertiser Staff Writer

Hawai'i's Small Business Administration office made a record 518 loans worth more than $63.6 million for the fiscal year that ended in September, following a record-setting year in 2003.

The district office's loans were part of an overall record lending year for the U.S. Small Business Administration, which provided more than twice as many loans to small businesses as it had in fiscal 2001.

Nationally, loans to women and minorities more than doubled over levels set in 2001.

The Honolulu office set records for both number and value of its loans, particularly for its 504, or Certified Development Company, program and more flexible 7(a) loans.

Last year, the office made 331 loans totalling $49 million.

"There's definitely a significant difference in both the number and dollar volume," said Jane Sawyer, spokeswoman for the Hawai'i district office.

More than half of the loans — 57 percent — went to minorities, and loans to women-owned businesses doubled.

The Honolulu office increased its performance 120 percent in a series of markers, including loans, counseling, training and government contracting, which made it the No. 2 district office in the country.

"It's pretty darn good," Sawyer said. "It's a great time for our office and for our local economy."

Reach Dan Nakaso at dnakaso@honoluluadvertiser.com or at 525-8085.