SBA loan program changes on the horizon in 2023 after robust year for 504, 7(a) program - Jacksonville Business Journal

The demand for Small Business Administration loans stayed strong in fiscal 2022 — even if not quite at the record-breaking levels seen in 2021.

Lenders say the SBA's loan programs are seeing increased interest in the wake of Covid-19, which sparked many businesses to research the federal lending options. Experts have predicted that increased interest will continue in the years to come, especially as businesses are already reporting financing challenges as lenders increase scrutiny on business loans and interest rates rise.

The SBA also doled out $25.7 billion through 47,700 loans in its 7 program, down from the $36.5 billion in fiscal 2021.The SBA also committed $4 billion through SBICs who in turn used that financing to invest about $7.9 billion in small businesses and startups. The agency said investments in women-owned, minority-owned and veteran-owned businesses increased 29% over 2021.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

St. Augustine builder sees slowdown in 2023 but remains optimistic - Jacksonville Business JournalMasterCraft president said he will do what he can to keep his team together because he expects a relatively quick rebound.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

CEO Insights: Where JWB's Alex Sifakis sees downtown going in 2023 - Jacksonville Business JournalJWB Real Estate Capital President Alex Sifakis offers insights into the challenges and opportunities 2023 will bring.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

CEO Insights: Where JWB's Alex Sifakis sees downtown going in 2023 - Jacksonville Business JournalJWB Real Estate Capital President Alex Sifakis offers insights into the challenges and opportunities 2023 will bring.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

SBA loan program changes on the horizon in 2023 after robust year for 504, 7(a) program - Phoenix Business JournalThe SBA is making a number of changes to its lending programs in a bid to boost loans and access for small businesses.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Jacksonville-area homebuilding retreats after hitting 'unsustainable' pace - Jacksonville Business Journal2022 wasn't quite as busy for builders as 2021 due in large part to interest rate increases.
Source: JaxBizJournal - 🏆 599. / 51 Read more »