Small businesses in Colorado secured a record $902 million in U.S. Small Business Administration-backed loans in the fiscal year that ended Sept. 30, surpassing the previous one-year record by $75 million, the agency said Tuesday.

Across the state, there were 1,758 guaranteed loans given to small businesses through the SBA lending program in fiscal year 2017.

SBA offers two kinds of loans — one called 7(a) for short- and long-term working capital and refinancing existing debt under certain conditions. It also offers 504 loans, which are long-term, fixed financing for real estate and equipment.

SBA Administrator Linda McMahonwas in Denver in September for Denver Startup Week 2017 to talk about SBA programs and she spoke with the Denver Business Journal.

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