He The U.S. Small Business Administration provided $56 billion to small businesses and communities affected by disasters in fiscal year 2024, the FY24 Capital Impact Report revealed Monday.
Vice President Kamala Harris and SBA Administrator Isabel Casillas Guzmán, head of theUS Small Businesses (SBA) announced That Capital Impact Report shows that the Agencyincreased its annual capital portfolio by 7% during FY2023. For the first time since 2008, the SBA made more than 100,000 small business financings, a 22% increase over FY23 and a 50% increase compared to 2020, according to the report.
“Under the Biden-Harris administration, the SBA has revolutionized its capital access programs, helping finance tens of thousands of small businesses in every corner of this country,” Guzmán said in a statement. “As every entrepreneur knows, capital is critical – it is critical for business owners at all stages of their journey, from startup to growth and resilience.
“Through loans, investments and surety bond guarantees, the SBA has helped boost small businesses that have in turn fueled America’s unparalleled economic recovery from the COVID-19 crisis. “Today, we are proud to share data that reveals how in FY24 the Biden-Harris administration once again contributed to the historic small business boom that has revitalized main streets and innovation centers across the United States,” added Guzmán. .
According to the report, small dollar loans increased following historic SBA program reforms at the end of FY23 that improved access to affordable small loans. The reforms helped double loans under $150,000. from FY20, and an increase of 33% from FY23.
“In fiscal year 2024, the SBA continued its transformation of lending and investment programs and expanded its capital partners to generate startup, growth and recovery to include more loans to small businesses, particularly to people of color, women and veterans” , the SBA said. Mid-Atlantic Regional Administrator John Fleming. “Since 2020, the most dramatic trend in SBA capital programs has been the tremendous growth in lending to Black, Latina, and women-owned businesses.”
In fiscal year 2024, the SBA supported the following:
- A tripling of the number of loans to 5,200 loans worth $1.5 billion for black-owned businesses.
- A loan count 2.5 times greater than 9,600 loans worth $3.3 billion to Latino-owned businesses.
- Double the number of loans to women-owned businesses compared to 15,500 loans worth $5.6 billion.
According to a release, construction became the leading industry in the SBA 7(a) program in 2023-24, as a result of the Biden-Harris investment in domestic infrastructure and manufacturing.