October 4, 2023
Coleman Report – Fiscal Year 2023 Ends With $34 Billion Reaching Small Businesses
During fiscal year 2023, more than 63,000 small business loans were approved through the SBA’s most significant programs. Nearly $34 billion was extended to America’s small businesses through the 7(a) loan program and the 504 loan program.
The 7(a) program approved around $2 billion more in fiscal year 2023 compared to last year, and the number of 7(a) loans grew by almost 10,000 loans. The 504 program was less prominent than the previous two years, but it continues to be more popular than before the COVID-19 emergency.