Main Street Monday – 7(a) Lending Surpasses $10.5 Billion in FY23

March 20, 2023

Delaney Sexton
Contributing Editor

Main Street Monday – 7(a) Lending Surpasses $10.5 Billion in FY23

In fiscal year 2023, 7(a) lending is the highest it has been since 2018. As of the last day of February, almost $10.4 billion was approved, an increase of more than $2 billion compared to last year. Over 21,000 7(a) loans have been approved, roughly 5,400 more than the same time in fiscal year 2022.

On the other hand, 504 loan approvals slowed down in comparison to the previous two record-breaking years. Nearly $2.6 billion was approved at the end of February, and almost 2,500 504 loans were approved.

Approved dollars under SBA Express are the highest they have been when compared to the previous five years, reaching almost one billion dollars, and over 9,000 Express loans have been approved as of the end of February.

SBA Microloans are performing the best that it has in the last five years. 2,050 loans and more than $31 million has been approved. SBA noted that Microloan approvals are currently underrepresented due to a lag in micro lender reporting, so it is assumed that the numbers are higher than what is currently reported.