Recovery Act Program Performance Report: June 2009
Summary
The SBA Recovery Act Program Performance Report for June 2009, setting program targets against actual results as of June 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 $3,127,963,920 against a target of $4,050,000,000, with an estimated 155,360 jobs against a target of 202,500. Approved 504 loans totaled $1,248,015,000 against $1,630,000,000, ARC loans $6,173,600 against $190,000,000, and surety bid bonds issued $56,300,000 against $42,000,000. Approximately 34.6% of total FY2009 and FY2010 funds available for 7(a), 504 and ARC loan approvals had been approved as of June 30, 2009.
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Recovery Act
Program Performance Report
June 2009
1
JUNE 2009
Recovery Act – Program Performance Report
Recovery Act Actual as of • The Fiscal Year 2009 Recovery Act
Program Metric
Target for FY2009 June 30, 2009 period is from February 17, 2009 to
7(a) Recovery Act Loans Approved, $1 $4,050,000,000 $3,127,963,920 September 30, 2009.
• Surety Bonds Program was
Jobs Created/ Retained, Estimated 2 202,500 155,360
implemented on March 27th, 2009
504 Recovery Act Loans Approved, $1 $1,630,000,000 $1,248,015,000 • ARC Loan Program was implemented
Jobs Created/ Retained, Estimated 2 32,600 24,800 on June 15th, 2009.
Microloan Loans Approved by Microlenders, $ $5,500,000 $‐
Jobs Created/ Retained, Estimated 1,600 ‐ Footnotes :
1 This is the total gross loan value approved. Typically,
ARC Loans Approved, $ $190,000,000 $ 6,173,600 due to cancellations and loan size reductions, 15 –
20% of gross approval value does not get disbursed.
Jobs Created/ Retained, Estimated 2 31,000 2,000
2 Data is self-reported by the borrower and appears in
Surety Bonds Bid Bonds Issued Over $2M, $ $42,000,000 $56,300,000 the SBA loan application form.
Final Bonds Issued Over $2M, $ $12,000,000 $3,100,000 3 Data is calculated using historical ratios. The surety
bond application form is being revised to collect this
Jobs Created/ Retained, Estimated 3 80 27 information from the applicant.
YTD Recovery Act Loan Approvals Approximately 34.6% 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 June
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 with Recovery Act funds will be available in the
fourth quarter (July – September).
2
JUNE 2009
Recovery Act – Program Performance Report
Percent of Fiscal Year 2009* Recovery Act Program Targets
Achieved as of June 30, 2009
Meeting or exceeding target
1
Project initiated within last 15 days; Not assessed against target
* The Fiscal Year 2009 Recovery Act period is from
1 February 17, 2009 to September 30, 2009. However,
certain programs were not available until a later date.
Thus, the percent complete refers to the period between
the program start date and the end of the 2009 Fiscal
Year.
• 7(a) & 504: February 17th-September 30th
lapsed time = 59%
• ARC : June 15th – September 30th
2
• Surety Bid Bonds: March 27th – September 30th
• Surety Final Bonds: June 27th – September 30th
• 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.
3
• Microloans made with Recovery Act funds will be
available in the fourth quarter (July – September).
Footnotes :
1 This is the total gross loan value approved.
Typically, due to cancellations and loan size
reductions, 15 – 20% of gross approval value
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 = 51%
3
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