The U.S. Small Business Administration Delaware Office reported 153 loans totaling $56.9 million during the fiscal year ending Sept. 30.
In fiscal 2022, SBA’s flagship 7(a) loan program made 149 7(a) loans to Delaware small businesses totaling approximately $53.5 million. The 504 Loan Program (SBA and third-party lenders, combined) reported more than $12.3 million in lending to Delaware small businesses. The Microloan Program, which helps businesses in underserved communities, reported $248,500 in lending.
SBA’s 7(a) Loan Guaranty Program is the SBA’s primary financial assistance instrument. It provides loan guarantees on business loans to help qualifying entrepreneurs secure financing. The program operates through private-sector lenders who provide loans. SBA’s 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.
“In FY2022, small-business loan approval rates rose as the economy and consumer spending strove for a rebound from COVID-19’s impact,” said Michelle Harris, SBA Delaware director. “As the small business community’s forward trajectory found its footing in a still challenging environment through 2022, SBA supported their drive with access to capital to help pave their way to success. As we move into FY2023, the SBA team and our SBA lenders remain as committed as ever to delivering on the agency’s mission to help small businesses start, grow, and succeed, both nationwide and right here in Delaware.”
