September 30, 2021
SBA Statistics – 7(a) and 504 Lending Report for Fiscal Year 2021
Today marks the end of FY21. After a record-breaking year for lending, here is the data as of September 24th.
For the first time ever, the 504 loan program ran out of funds before the end of the year. The SBA approved almost 10,000 504 loans (9,644). This amounted to almost $8.2 billion.
• 17% of the total number of 504 loans went to rural America and provided nearly $1.15 billion.
• 24% of loans were made to businesses that are less than 50% female-owned, and 12% of loans were made to businesses that are 50% or more female-owned. More than $2.37 billion was dedicated to female-owned businesses.
• There were 244 loans made to veteran-owned businesses totaling more than $172 million.
• Over $1.8 billion went to Asian-, Pacific-, Black-, or Hispanic-owned businesses.
With the fee waivers and higher guaranty, this was the ideal year for small business owners to apply for a 7(a) loan. The 7(a) program approved almost $34.85 billion in the fiscal year 2021. Almost 50,000 7(a) loans were approved (49,906) for borrowers.
• 21% of 7(a) loans were for rural America, giving them over $6 billion.
• 13% of loans went to small businesses that are 50% or less female-owned, and 18% of loans approved went to 50% or more female-owned businesses. This amounts to more than $9 billion.
• 2,099 loans were approved for veteran-owned businesses. These businesses received over $1.1 billion.
• Pacific-, Asian-, Black-, and Hispanic-owned businesses received around $10.3 billion.
SBA Lending Report