(WASHINGTON) -- The North Carolina District of the Small Business Administration has approved 414 loans for $198.2 million during the first three months of fiscal year 2011. U.S. Senator Kay R. Hagan, a member of the Senate Small Business Committee, is pleased with the results.

Sen. Hagan pushed for the extension of the key loan provisions included in the Small Business Jobs Act of 2010. "Small businesses represent 98 percent of private sector employers in our state, and are the key to our economic recovery," said Hagan. “I am pleased that last year's small business legislation is working to free up lending in North Carolina."

The 37 percent first quarter increase in U.S. Small Business Administration loans, directed to North Carolina businesses, represents the best quarter for SBA lending in North Carolina since 2007. In December 2010, SBA approved 199 loans for $112.7 million in the state. This is the highest dollar amount ever approved in one month.