Recovery Program Performance Report: July 2010
Summary
The SBA Recovery Program Performance Report for July 2010, setting program targets against actual results as of July 31, 2010 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 $16,204,254,835 against a target of $14,400,000,000, with an estimated 605,008 jobs against a target of 509,250. Approved 504 loans totaled $5,879,018,000 against $5,500,000,000, ARC loans $263,313,052 against $335,000,000, and surety bid bonds issued $430,040,000 against $114,000,000. The report says funding will support approximately $14.4 billion in 7(a) loans, $5.5 billion in 504 loans, $335 million in ARC loans and $46 million in loans to Microlenders.
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Recovery
Program Performance Report
July 2010
July 2010
Recovery – Program Performance Report
The Recovery Act period is from
Actual as of
Feb. 17, 2009 to Sept. 30, 2010
Program Metric Program Target July 31, 2010
7(a) Recovery Loans Approved, ($)1 $14,400,000,000 $16,204,254,835
Jobs Supported*, Estimated
Recovery loans include loans funded by
2
509,250 605,008
Recovery Loans Approved, ($)
the Recovery Act and subsequent
504 1
$5,500,000,000 $5,879,018,000
Jobs Created/ Retained, Estimated
1
2
109,250 108,960
extensions
ARC Loans Approved ($) $335,000,000 $263,313,052
Footnotes :
Jobs Created/ Retained, Estimated 55,500 59,885 1 This is the total gross loan value approved.
Microloans 3 Loans Approved by Microlenders ($) $32,300,000 $7,713,427 Typically, due to cancellations and loan size
Jobs Created/Retained, Estimated 2 9,800 1,875 reductions, 15 – 20% of gross approval s are not
Bid Bonds Issued Over $2M, $ disbursed. Funding associated with cancelled
Surety Bonds $114,000,000 $430,040,000 loans is made available to approve new loans.
Final Bonds Issued Over $2M, $ $33,000,000 $107,041,000 2 Data is self-reported by the borrower and appears
Jobs Created/ Retained, Estimated 4 220 504 in the SBA loan application form.
* the name was changed to better reflect how businesses report jobs; this change does not affect comparability with prior numbers 3 Microlenders have two years from date of their loan
approval to make loans to Microborrowers.
4 Data is calculated using historical ratios. The
surety bond application form is being revised to
collect this information from the applicant.
Program-to-Date Recovery Loans Approved out of Total Recovery Loan Approvals Available*
7(a) Loans 504 Loans ARC Loans Microloans
$11.4 $3.2
$4.0
$4.8 $240 to Microlenders
$9.2 $192 $288 $32
$13.7
$26 $40
$6.9 $2.4
$16.0 $5.5 $144 $336
$20 $46
$1.6
$4.6 $96
$12
$0.8
$2.3 $48
$6
$0 $0
$0 $0
Dollars in Billions Dollars in Billions Dollars in Millions Dollars in Millions
*Recovery funding will support approximately $14.4 billion in 7(a) loans, $5.5 billion in 504 loans,
$335 million in ARC loans, and $46 million in loans to Microlenders. 2
July 2010
Recovery – Program Performance Report
Percent* of Recovery Program Targets Achieved as of July 31, 2010
Final Bonds Lapsed Time =87%
2 3
Jobs Created/ Retained, Estimated 100% Jobs Created/ Retained, Estimated 229%
504
Surety Bonds
1
Recovery Loans Approved, ($) 107%
Final Bonds Issued Over $2M, $ 324%
2
Bid Bonds Issued Over $2M, $ 377%
Jobs Supported*, Estimated 119%
Bid Bonds Lapsed Time = 89%
7(a) 0% 50% 100% 150% 200% 250% 300% 350% 400%
1
Recovery Loans Approved, ($) 113%
* The government-wide Recovery Act period is from February 17,
0% 20%
Lapsed Time = 90%
40% 60% 80% 100% 120% 140% 160%
2009 to September 30, 2010. However, certain programs were
not available until a later date. Thus, the lapsed time refers to
the period between the program start date and the end of the
2 Recovery Act period. The program start dates are:
Jobs Created/ Retained, Estimated 108%
• 7(a) & 504: February 17th, 2009
ARC
• Surety Bid Bonds: March 27th, 2009
Loans Approved ($) 79%
• Surety Final Bonds: June 27th, 2009
Lapsed Time = 87% •Companies use bid bonds when they bid on contracts and
0% 20% 40% 60% 80% 100% 120%
use final bonds for contracts awarded. As a result, issuance of
Final bonds lag Bid bonds.
2 • ARC : June 15th, 2009
Jobs Created/Retained, Estimated 19%
Microloans
• Microloans: July 31st, 2009
Loans Approved by Microlenders ($) 24% 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.
0% 20% 40% 60% 80% 100% 2 Data is self-reported by the borrower and appears in the SBA loan application form.
Lapsed Time = 86%
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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