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SBA's 7(a) Loan Program Continues to Empower Black-Owned Businesses with Record-Breaking Support
Creative Investment Research and FederalReserve.black Announce SBA7a Lending Forecast Confirmation
1. Record-Breaking Approval Numbers:
In 2023, the SBA approved 4,060 7(a) loans for Black or African American-owned businesses, representing an impressive 7.90% of the total loan approvals.
This resulted in a total approval amount of $1,090,162,400, accounting for 4.50% of the total loan dollars granted.
2. Year-on-Year Growth:
The SBA's support for Black-owned businesses has been steadily increasing over the years. Comparing 2023 to 2017, the number of 7a loans to Black firms approved has seen an impressive 68% growth.
3. Empowering Black Banks:
The SBA has worked with Black-owned banks to expand access to 7(a) loans.
Notable Black Banks' Contributions in 2023:
Mechanics & Farmers Bank (NC) approved 7 loans with a total value of $4,940,000.
Liberty Bank and Trust Company (LA) approved 3 loans totaling $299,000.
Industrial Bank (DC) approved 2 loans amounting to $1,662,000.
The Harbor Bank of Maryland (MD) approved 1 loan worth $558,000.
Tioga-Franklin Savings Bank (PA) approved 4 loans totaling $1,200,000.
Lendistry SBLC, LLC (CA) played a significant role, approving 83 loans with a combined value of $47,015,500.
The First Security Bank (OK) approved 1 loan of $160,000.
(Data compiled by Henry Bridgers, Grinnell College, Intern Analyst)
These impressive statistics showcase the Biden Administration's commitment to promoting economic equality and expanding opportunities for Black entrepreneurs. We now anticipate total SBA 7a lending to Black firms will reach $1.2 billion in 2023.
For more information on the SBA's 7(a) loan program and its impact on Black-owned businesses, please visit https://www.impactinvesting.online/
Note to Editors: Please feel free to reach out to the media contact for interviews, additional data, or further information.
Creative Investment Research
William Michael Cunningham
Page Updated Last on: Sep 11, 2023