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WASHINGTON – The small business advisor in President Biden’s Cabinet announced today the U.S. Small Business Administration reached nearly $43 billion in funding to small businesses in fiscal year 2022. The agency provided more than 62,000 traditional loans through its 7(a), 504, and Microloan lending programs and 1,200 investments through SBA licensed Small Business Investment Companies for Fiscal Year 2022.
“While still managing billions in COVID relief, the SBA also delivered record lending in FY22, helping tens of thousands of entrepreneurs across our nation get the needed funding to start, grow, and build resilient businesses,” said SBA Administrator Isabella Guzman. “We have made progress, but the work continues to tackle entrenched inequities we still see in capital markets and throughout our economy. We were proud to extend and reform our Community Advantage Pilot Program and we intend to continue to make similar progress expanding our network of lenders and simplifying the SBA lending process to increase investment in the small businesses we need to build a competitive global economy.”
Despite ongoing, structural challenges that exist for small business owners when seeking capital, the SBA’s efforts in helping them pursue their American dream showed signs of progress. Notably, the SBA’s low-interest 504 loan program grew in volume to $9.2 billion, a record level of lending for the 504 program. In addition, the 7(a) program saw an increase in small dollar loans, evidence of the SBA’s prioritization of startups and businesses hampered by gaps in credit markets.
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