SBA Reaches $44.8B in Funding to Small Businesses Through Lending Programs
8 Nov, 2021
- $36.5 billion in 7(a) loans: Nearly 52,000 7(a) loans worth more than $36.5 billion were provided to small businesses. Lenders reported that minority business owners received nearly $11 billion in 7(a) loans or 30% of the SBA’s total 7(a) portfolio. Data also shows that women-owned businesses received nearly $5 billion in FY 21, while veteran-owned businesses received $1.2 billion.
- $8.2 billion in 504 loans: Working with authorized Certified Development Companies (CDCs), the SBA’s 504 program delivered 9,600 loans worth more than $8.2 billion to small businesses, fully exhausting funding authority for the first time in the program’s history. Minority business owners received nearly $1.88 billion in loans -- 23% of the total 504 portfolio. In FY 21, the program also provided over $712 million in lending to women-owned businesses and increased its support of rural small businesses by nearly 33%.
- $71.8 million in microloan funding: In fiscal year 2021, $71.8 million in microloan funding went to nearly 4,400 small businesses. Forty-one percent of those loans went to underserved communities, including Hispanic-owned and Black-owned small businesses.