Small Business Loans on the Rise

January 25, 2014 Updated Jan 25, 2014 at 2:06 PM EDT

By Elizabeth Carey

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January 25, 2014 Updated Jan 25, 2014 at 2:06 PM EDT

Business First says small business lending is back on track in Western New York. Officials at the Buffalo office of the Small Business Administration want it to stay that way.

There was a downturn in lending in October and November. The government shutdown in October affected numbers, but December figures are in. They show a turn around in lending. 162 loans were approved through December 2013.

Frank Sciortino is the district director for the SBA in Buffalo. He says small businesses are borrowing money to invest in equipment and expand markets and that the economic turnaround is evident.

"There's no question about it," he said. "The economy is turning around in WNY. As you know, we haven't seen cranes in a long time in downtown Buffalo. We have those now."

Sciortino tells Business First he hopes to crank up loan figures even higher, noting that several loans were approved this month and January is not over yet.