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More lending to private entities reported

Nov 03, 2012 Sean Albert

As economic conditions continue to improve throughout the nation, more entities are looking to increase their growth potential by getting more money on-hand for investing in additional projects and other endeavors. In order to make the most of these opportunities, many more have been choosing to seek out greater lending to fuel such initiatives. The San Francisco Chronicle wrote that business lending rose by more than one-fourth in September, an increase of nearly 11 percent from figures reported in the same period last year. More companies were approved than last year as well, the source reported, with nearly 15 percent of all requests approved. MiBiz also wrote that SBA loans were decreasing but that overall lending figures were staying strong, meaning more entities are seeking out private entities, like banks or short term lenders, to get money instead of using federal resources. "This is a good sign for the economy," said Rohit Arora, a lending specialist, told The Chronicle. He told the source that such numbers represent the market is continuing to steadily recover, and coupled with a promising September job report, there is hope that this momentum will continue.