Latest Michigan SBA lending numbers

As a statistical summary of the decline in SBA lending, in Michigan here are thei differences in second quarter 09 vs second quarter 08:

504 loans: 43 vs 127, or a decline of 66%

Total 7a loans: 391 vs 1,077, or a decline of 64%

This represents the big problem in small business lending:
1. No banks are willing to do the first portion on conventional terms for the 504 loan.
2. There is no secondary market for the 7a guarantees, so the only banks lending must hold the deal in their portfolio (assuming they have the cash)