Small Business Administration-backed financing rose 7% to $56B in fiscal 2024

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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

FILE - The U.S. Small Business Administration logo is shown on the agency website on Tuesday, June 25, 2024 in New York. .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.

“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.”

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