SBA lending rises in October

Loans guaranteed by the US Small Business Administration in the metro Milwaukee area continued at a high rate in October – there were 107 SBA-backed loans last month, totaling almost $48.5 million.

There were about 65 transactions in October of 2009, totaling about $17.2 million.

SBA-backed loans rose throughout the country last month, following President Obama’s signing of the Small Business Jobs Act in late September. The act extended the Small Business Administration Recovery Act provisions, which increased loan guarantees for the SBA’s 7(a) loan program to 90 percent for small business borrowers. The bill also lowered fees for the 7(a) and 504 programs.

Some of the largest SBA-backed loans in metro Milwaukee included:

• $2 million to DBA Sales LLC in Milwaukee by Waukesha State Bank
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• $4.4 million to Beres Inc. of Pewaukee by First Bank Financial Centre
• $1.18 million to Derynda Properties LLC of Oconomowoc by First Bank Financial Centre
• $1.35 million to Lakefront Brewery of Milwaukee by Commerce State Bank
• $3 million to NWP Inc. of Sheboygan by Hometown Bank
• $1.99 million to The Skin Institute and Day Spa of Milwaukee by Wisconsin Business Development Finance Corp.