The Connecticut District Office of the United States Small Business Administration has facilitated more than $ 368 million in small business loans in the state in the past 12 months, the highest volume the agency has recorded in more than five years.
“The historic activity of SBA’s traditional lending programs is due to the cooperation of our state, regional and national lending institutions, as well as the efforts of our resource partners across the state who are dedicated to maintaining equitable access to capital for small businesses and entrepreneurs in Connecticut. “said Catherine Marx, director of the Connecticut SBA, in a statement.
The SBA’s most recent full fiscal year ran from October 2020 to September 2021. During that time, the Connecticut office oversaw more than 768 traditional loans.
According to a breakdown by the agency, funding disbursed in FY2021 included $ 294 million in 7 (a) loans – in which the SBA guarantees repayment of a certain portion of a private lender’s loan – for 632 small businesses, a 78% increase from $ 165 million in volume in fiscal 2020.
A total of $ 71 million has been borrowed by 86 small businesses under 504 loans, which provide long-term, fixed-rate financing for major capital assets, typically equipment or real estate, which support the growth of businesses. businesses and job creation. This figure was up 79% from the previous year.
The Connecticut SBA office also secured $ 1 million in microloans for 41 small businesses. According to agency figures, 61% of microcredit loans went to support historically underserved communities, including businesses owned by Asians, blacks and Hispanics.