The Small Business Administration’s loan program isn’t just any other program, it’s a capital injection into the American economy.
The SBA provided more than $30 billion to America’s small businesses last year. And, in 2016, SBA loans directly supported 675,200 jobs. But the loan program is bigger than just that. SBA-provided funds not only help the small business community stay afloat, they help businesses grow into cornerstones of their communities.
In 2017, small businesses were responsible for the employment of 58 million Americans and created 1.9 million new jobs last year alone.
Minority-owned businesses were approved for nearly $10 billion in SBA 7(a) and SBA 504 lending, making up almost one-third of the total SBA loan portfolio for the year.
Similarly, women-owned businesses received an excess of $7.5 billion in lended funds during 2017.
Because the SBA backs its loans, banks take on less risk and are able to provide more funding options to small businesses. Without access to that funding, many small businesses would be forced to remain stagnant or, worse, be forced to close their doors.
Could an SBA loan help grow your business?
Talk to a First Bank SBA lending expert to see if an SBA loan is what your business needs to grow.