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.
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