In the Portland area, small businesses are beginning to borrow more, and banks are approving larger applications.
In the Portland area, small businesses are beginning to borrow more, and banks are approving larger applications.
The average loan backed by the SBA’s most popular program has grown nearly 70 percent this fiscal year, according to the office’s most recent statistics. Borrowers are walking out the door with approvals averaging $330,000 this year, up from $195,000 the previous year, which ended in September 2010.
The numbers are driven up in part by high-dollar real estate and equipment purchases, said Tom Taylor, Wells Fargo regional vice president in charge of its business banking division.
“Businesses are starting to feel better about expansion,” he said. “For the last three or four years, business owners didn’t feel that great about expanding.”
Read more at OregonLive.com.
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