March 16, 2021
Hot Topic Tuesday— SBA’s Annual Financial Report Highlights Progress Toward Agency Goals
Although the coronavirus pandemic has deeply impacted the SBA’s progress toward its FY 2021 Agency Priority Goals, the SBA has made great headway by meeting and exceeding some of its 2020 objectives. According to the SBA’s Annual Financial Report for FY 2020, the Agency surpassed its first-year goal by supporting 197,961 lender matches in 2020. Similarly, it surpassed its satisfaction rating goals and is on track to meet several others.
Here is the SBA’s progress toward its other objectives:
- The SBA was unable to meet its goal of supporting 796,500 jobs through capital assistance programs in FY 2020 due to a decline in 7(a) loans. However, SBA capital programs supported more than 644,000 jobs in FY 2020.
- The SBA is on track to meet its export sales goal, having supported nearly $3.2 billion in small business export sales with more than 300 core export loans for nearly $600 million in FY 2020.
- The Federal Government did not meet its goal for HUBZone small business contracting. To help, the SBA has deployed a team of highly trained and skilled professional analysts, procurement representatives, and industry specialists to promote small business contracting awards.
- The SBA supported more than 25,000 small businesses through business development programs in FY 2020, surpassing its goal by more than 500 small businesses.
- As of June 30, 2020, the SBA had not yet met its entrepreneurial assistance goal of helping 835,000 entrepreneurs through partnerships, virtual resources, and targeted outreach. At the time, they had supported 750,000 entrepreneurs.
- In FY 2020, the Office of the National Ombudsman completed 41 events to raise awareness of SBA products, falling short of its 50 events target.
- In FY 2020, the SBA achieved a customer satisfaction rate of 78%, exceeding its target of 77%.
- The SBA exceeded its customer satisfaction goal for its financial management services to SBA employees by achieving an average score of 4.6 on a 5-point scale.
- The SBA achieved a 70% federal employee satisfaction score in FY 2019. Data is not yet available for FY 2020.
- In FY 2020, IT cost savings and avoidance totaled $14.5 million, exceeding the target by $500,000.
Click here to read the full 2020 SBA Agency Financial Report.