Recovery Act Program Performance Report: October 2009
Summary
The SBA Recovery Act Program Performance Report for October 2009, setting program targets against actual results as of October 31, 2009 for the 7(a), 504, ARC, microloan and surety bond programs funded under the Recovery Act; the Recovery Act period is given as Feb. 17, 2009 to Sept. 30, 2010. Approved 7(a) loans totaled $7,147,998,766 against a target of $8,600,000,000, with an estimated 335,235 jobs against a target of 430,000. Approved 504 loans totaled $2,905,791,000 against $3,600,000,000, ARC loans $120,868,142 against $340,000,000, and surety bid bonds issued $139,290,000 against $114,000,000. The report says funding will support approximately $8.7 billion in 7(a) loans, $3.6 billion in 504 loans, $336 million in ARC loans and $46 million in loans to Microlenders.
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Recovery Act
Program Performance Report
October 2009
October 2009
Recovery Act – Program Performance Report
The Recovery Act period is from
Recovery Act Actual as of Feb. 17, 2009 to Sept. 30, 2010
Program Metric
Target October 31, 2009 • Surety Bonds Program was
7(a) Recovery Act Loans Approved, $1 $8,600,000,000 $7,147,998,766 implemented on March 27th, 2009.
• ARC Loan Program was implemented
Jobs Created/ Retained, Estimated 2 430,000 335,235
on June 15th, 2009.
504 Recovery Act Loans Approved, $1 $3,600,000,000 $2,905,791,000 • Microloans Program was implemented
Jobs Created/ Retained, Estimated 2 72,200 58,734 on July 31st, 2009.
Microloans3 Loans Approved by Microlenders, $ $32,300,000 $153,000 Footnotes :
Jobs Created/ Retained, Estimated 9,800 22 1 This is the total gross loan value approved. Typically,
due to cancellations and loan size reductions, 15 –
ARC Loans Approved, $ $340,000,000 $120,868,142 20% of gross approval value does not get disbursed.
2 Data is self-reported by the borrower and appears in
Jobs Created/ Retained, Estimated 2 55,500 32,671 the SBA loan application form.
Surety Bonds Bid Bonds Issued Over $2M, $ $114,000,000 $139,290,000 3 Microlenders have two years from date of their loan
approval to make loans to Microborrowers.
Final Bonds Issued Over $2M, $ $33,000,000 $48,450,000 4 Data is calculated using historical ratios. The surety
Jobs Created/ Retained, Estimated 4 220 235 bond application form is being revised to collect this
information from the applicant.
Program-to-Date Recovery Act Loans Approved out of Total Loan Approvals Available
7(a) Loans 504 Loans ARC Loans Microloans
$250 to Microlenders
$6.25 $2.5
$2.0 $3.0 $200 $300 $32
$5 $7.5 $26 $40
$3.75 $1.5 $150 $335
$8.7 $3.7 $20 $46
$2.5 $1.0 $100
$12
$0.5 $50
$1.25
$6
$0 $0 $0 $0
Dollars in Billions Dollars in Billions Dollars in Millions Dollars in Millions
Recovery Act funding will support approximately $8.7 billion in 7(a) loans, $3.6 billion
in 504 loans, $336 million in ARC loans, and $46 million in loans to Microlenders.
2
October 2009
Recovery Act – Program Performance Report
Percent* of Recovery Act Program Targets Achieved as of October 31, 2009
Final Bonds Lapsed Time = 27%
2 3
Jobs Created/ Retained, Estimated 81% Jobs Created/ Retained, Estimated 107%
504
Surety Bonds
1
Recovery Act Loans Approved ($) 79% Final Bonds Issued Over $2M 147%
2
Jobs Created/ Retained, Estimated Bid Bonds Issued Over $2M 122%
78%
Bid Bonds Lapsed Time = 39%
7(a) 0% 50% 100% 150% 200% 250%
1
Recovery Act Loans Approved ($) 82%
Lapsed Time = 43% * The government-wide Recovery Act period is from February 17,
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 2009 to September 30, 2010. 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
2 Recovery Act period. The program start dates are:
Jobs Created/ Retained, Estimated 59%
• 7(a) & 504: February 17th, 2009
ARC
• Surety Bid Bonds: March 27th, 2009
Loans Approved ($) 36%
• Surety Final Bonds: June 27th, 2009
Lapsed Time = 29% •Companies use bid bonds when they bid on contracts and
0% 20% 40% 60% 80% 100% use final bonds for contracts awarded. As a result, issuance of
Final bonds lag Bid bonds.
• ARC : June 15th, 2009
2
Jobs Created/Retained, Estimated 0% • Microloans: July 31st, 2009
Microloans
Footnotes :
Loans Approved by Microlenders ($) 0%
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.
Lapsed Time = 22% 2 Data is self-reported by the borrower and appears in the SBA loan application form.
0% 20% 40% 60% 80% 100%
3 Data is calculated using historical ratios. The surety bond application form is being
revised to collect this information from the applicant.
3
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