The Small Business Administration said it backed 56 billion in financing to small businesses and disaster-affected areas during the fiscal year ending Sept. 30, up 7 from a year prior.
The growth was driven by smaller loans, the agency said in its annual Capital Impact report.
For the first time since 2008, the SBA distributed more than 100,000 financings to small businesses, up 22 from fiscal 2023 and 50 over 2020.
The SBA doesn't give out direct loans, except when they're related to disasters, but it works with lenders to distribute loans to small businesses. The loans typically have better rates than traditional loans.
"As every entrepreneur knows, capital is critical," said SBA Administrator Isabel Casillas Guzman. "Through loans, investments, and surety bond guarantees, the SBA has helped power the small businesses that have in turn powered America's unparalleled economic recovery from the COVID-19 crisis."
