Recovery Act Program Performance Report: Fiscal Year 2009
Summary
The SBA Recovery Act Program Performance Report for Fiscal Year 2009, setting program targets against actual results as of September 30, 2009 for the 7(a), 504, ARC, microloan and surety bond programs funded under the Recovery Act; the Fiscal Year 2009 Recovery Act period is given as February 17, 2009 to September 30, 2009. Approved 7(a) loans totaled $6,111,692,263 against a target of $4,050,000,000, with an estimated 290,233 jobs against a target of 202,500. Approved 504 loans totaled $2,631,218,000 against $1,630,000,000, ARC loans $93,350,300 against $190,000,000, and surety bid bonds issued $119,388,000 against $42,000,000. Approximately 69.9% of total FY2009 and FY2010 funds available for 7(a), 504 and ARC loan approvals had been approved as of September 30, 2009, and 7(a) loans assisted 27,660 small businesses against a target of 17,700.
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Recovery Act
Program Performance Report
Fiscal Year 2009
1
Fiscal Year 2009
Recovery Act – Program Performance Report
Recovery Act Actual as of • The Fiscal Year 2009 Recovery Act
Program Metric
Target for FY2009 Sept 30, 2009 period is from February 17, 2009 to
7(a) Recovery Act Loans Approved, $1 $4,050,000,000 $6,111,692,263 September 30, 2009.
Small Businesses Assisted 17,700 27,660 • Surety Bonds Program was
implemented on March 27th, 2009
Jobs Created/ Retained, Estimated 2 202,500 290,233
• ARC Loan Program was implemented
504 Recovery Act Loans Approved, $1 $1,630,000,000 $2,631,218,000 on June 15th, 2009.
Small Businesses Assisted 2,500 4,532
Jobs Created/ Retained, Estimated 2 32,600 53,186 Footnotes :
Microloan Loans Approved by Microlenders, $ $5,500,000 $‐ 1 This is the total gross loan value approved. Typically,
due to cancellations and loan size reductions, 15 –
Jobs Created/ Retained, Estimated 1,600 ‐ 20% of gross approval value does not get disbursed.
ARC Loans Approved, $ $190,000,000 $93,350,300 2 Data is self-reported by the borrower and appears in
the SBA loan application form.
Small Businesses Assisted 6,200 2,877 3 Data is calculated using historical ratios. The surety
Jobs Created/ Retained, Estimated 2 31,000 26,356 bond application form is being revised to collect this
information from the applicant.
Surety Bonds Bid Bonds Issued Over $2M, $ $42,000,000 $119,388,000
Final Bonds Issued Over $2M, $ $12,000,000 $47,570,000
Jobs Created/ Retained, Estimated 3 80 203
Program-to-Date Recovery Act Loan Approvals Approximately 69.9% of total FY2009 and
out of Total Program Funds FY2010 funds available for loan
approvals in the 7(a) Loan Program, the
504 Loan Program, and the ARC Loan
Program have been approved as of
September 30, 2009
• The appropriations SBA received for the 7(a), 504, and ARC
guaranteed loan programs will support approximately $8.7 billion
in 7(a) loans, $3.6 billion in 504 loans, and $336 million in ARC
loans. These program totals are subject to change in FY 2010
following a year-end re-examination process.
• Microloans made using Recovery Act funds have been made to
Microlenders and are available to Microborrowers.
2
Fiscal Year 2009
Recovery Act – Program Performance Report
Percent of Fiscal Year 2009* Recovery Act Program Targets
Achieved as of September 30, 2009
1 * The Fiscal Year 2009 Recovery Act period is from
February 17, 2009 to September 30, 2009. However,
certain programs were not available until a later date.
Thus, the lapsed time refers to the period between
the program start date and the end of the 2009 Fiscal
1 Year.
• 7(a) & 504: February 17th-September 30th
• ARC : June 15th – September 30th
• Surety Bid Bonds: March 27th – September 30th
Lapsed Time = 100%
• Surety Final Bonds: June 27th – September
30th
2
• The Surety Bond program was implemented on
March 27, 2009. Companies use bid bonds when
they bid on contracts and use final bonds for
contracts awarded. As a result, issuance of Final
bonds lag Bid bonds. Final bonds were not
expected to be issued until June.
Lapsed Time = 100%
• Microloans made with Recovery Act funds was
implemented on July 31, 2009.
3
Footnotes :
1 This is the total gross loan value approved.
Typically, due to cancellations and loan size
reductions, 15 – 20% of gross approval value
Final Bonds Lapsed Time = 100% does not get disbursed.
2 Data is self-reported by the borrower and
appears in the SBA loan application form.
3 Data is calculated using historical ratios. The
surety bond application form is being revised
to collect this information from the applicant.
Bid Bonds Lapsed Time = 100%
3
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