SBA lending activity plummets post-Covid across many industries.

HOUSTON, TEXAS, UNITED STATES, August 30, 2020 /EINPresswire.com/ -- To ascertain the impact that Covid has had on lending to small businesses in America, SBAlenders.com conducted a study of SBA loan activity by analyzing data provided by the Small Business Administration (SBA). SBA loans, which are designed to be attractive for borrowers who cannot easily obtain a traditional commercial loan, have plummeted in the second quarter of 2020.

Some highlights from the study of SBA lenders activity comparing April year over year (YoY) loan activity:

• Total number of loans down 56% YoY
• Full-Service restaurants SBA loans down 50%
• Hotels SBA loans down 61%
• Fitness centers and gym SBA loans down 78%
• Trucking SBA loans down 68%
• Large SBA lending states like California, New York, Texas, Florida, and Ohio suffered just like the small states

SBALenders.com study does show that although total SBA lending activity has been dramatically impacted by Covid (and indirectly through the PPP program), many of the industry leaders in the past continue to be top SBA lenders in the post-Covid world (top 5 post-covid lenders were Live Oak, Huntington, Seacoast, Celtic, and Byline).

SbaLenders.com is a resource for entrepreneurs to find the best match for commercial loans and SBA loans. We track all loans processed through the SBA 7(a) loan program and provides detailed reports on loan trends so borrowers can quickly find an SBA bank where they can apply for an SBA loan. SBALenders.com is not part of or associated with the SBA or the U.S. government. For more information, visit www.sbalenders.com

Darren King
SbaLenders.com
+1 502-509-6204
email us here