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A record number of small-business loans were made through theSmall Business Administration (SBA) during fiscal year 1995. Onekey reason, believes Mike Stamler of the SBA, was the nationwiderollout of the LowDoc loan program.
According to Stamler, 56 percent of the 55,600 loans made in1995 were through the LowDoc program. In fact, more of these loansfor under $100,000 were given in one year than the total number ofSBA loans made since 1993.
LowDoc's one-page application has cut down on the amount ofpaperwork required, making the loans more profitable for lendersand inspiring them to increase loan volume.
Contact Source
SBA, (800) 8-ASK-SBA;
