Recovery Act Program Performance Report: May 2009
Summary
The SBA Recovery Act Program Performance Report for May 2009, setting program targets against actual results as of May 31, 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 $2,186,000,000 against a target of $4,050,000,000, with an estimated 111,173 jobs against a target of 202,500. Approved 504 loans totaled $896,000,000 against $1,630,000,000 and surety bid bonds issued totaled $36,000,000 against $42,000,000, while the Microloan and ARC Loan Programs had not been implemented as of May 31, 2009. Approximately 25% of total FY2009 and FY2010 funds available for 7(a) and 504 loan approvals had been approved as of May 31, 2009.
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Recovery Act
Program Performance Report
May 2009
1
MAY 2009
Recovery Act – Program Performance Report
Recovery Act Actual as of The Fiscal Year 2009 Recovery
Program Metric
Target for FY2009 May 31, 2009 Act period is from February 17,
7(a) Recovery Act Loans Approved, $1 $4,050,000,000 $2,186,000,000 2009 to September 30, 2009
Jobs Created/ Retained, Estimated 2 202,500 111,173
The Microloan and ARC Loan
504 Recovery Act Loans Approved, $1 $1,630,000,000 $896,000,000 Programs have not been
Jobs Created/ Retained, Estimated 2 32,600 18,051 implemented as of May 31, 2009.
Microloan Loans Approved by Microlenders, $ $5,500,000 $‐
Footnotes :
Jobs Created/ Retained, Estimated 1,600 ‐
1 This is the total gross loan value approved. Typically,
ARC Loans Approved, $ $190,000,000 $‐ 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 Data is self-reported by the borrower and appears in
Surety Bonds Bid Bonds Issued Over $2M, $ $42,000,000 $36,000,000 the SBA loan application form.
3 Data is calculated using historical ratios. The surety
Final Bonds Issued Over $2M, $ $12,000,000 $3,000,000 bond application form is being revised to collect this
JobsCreated/ Retained, Estimated 3 80 27 information from the applicant.
Approximately 25% of total FY2009
and FY2010 funds available for loan
approvals in the 7(a) Loan Program
and the 504 Loan Program have been
approved as of May 31, 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.
• ARC loans will be available on June 15. Financial results will be
included in the June report.
• Microloans made with Recovery Act funds will be available in the
fourth quarter (July – September).
2
MAY 2009
Recovery Act – Program Performance Report
Percent of Fiscal Year 2009* Recovery Act Program Targets
Achieved as of May 31, 2009
Meeting or exceeding target
1
Not meeting target
* The Fiscal Year 2009 Recovery
2
Act period is from February 17,
2009 to September 30, 2009
1
• Microloans made with Recovery
2 Act funds will be available in the
fourth quarter (July – September).
• ARC loans will be available on
June 15. Performance results will
be included in the June report.
• The Surety Bond program was
implemented on March 27, 2009.
Companies use bid bonds when
they bid on contracts and use final
2
bonds for contracts awarded. As
a result, issuance of Final bonds
lag Bid bonds. Final bonds were
not expected to be issued until
June.
Footnotes :
3
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
46% of FY09 Recovery Act to collect this information from the applicant.
Period* Complete
3
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