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.

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“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.” The SBA said in the report it implemented a rule to simplify and streamline lending criteria for all lenders and strengthened its network of SBA lenders to give small businesses more access to small-dollar loans — instead of turning to credit cards or other high-interest lending options.

 

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