With the end of the 2004 fiscal year on Sept. 30, the U.S. Small Business Administration closed out a record-shattering year and continued to build upon a steady stream of accomplishments, providing more than twice as many loans to small businesses as in 2001. The agency surpassed its previous lending records in both the flagship 7(a) and 504 loan programs, and established volume records in loans to women, minorities, and veterans.

In 2004, the SBA backed 74,825 7(a) loans totaling $12.5 billion to small businesses, and 8,168 loans worth $3.9 billion under the 504, or Certified Development Company, program. The number of loans made under each program was a record, as well as the combined total. The combined total also is more than double the 41,552 loans that were made by the agency’s lending partners and Certified Development Companies with SBA backing in 2001.

“Thanks to the President’s small business agenda, we have met and surpassed our goals, helping millions of small businesses on their way toward realizing the American dream,” administrator Hector V. Barreto said. “Capital is the lifeblood of small businesses, and every time we approve a loan that means another small business has a chance to grow and contribute to the economy.”

Small businesses account for seven out of every 10 new jobs.