White House Recognizes Small Business Lenders at Summit

Touting SBA’s FY23 numbers, the Biden Administration invited its lending partners to the White House to recognize their achievements and to encourage them to do more for providing capital to underserved markets.

Lenders attending the event included small business lending professionals 

  • Bank of America
  • Byline Bank
  • Cadence Bank
  • CDC Small Business Finance Corporation
  • Celtic Bank
  • Citizens Bank of Edmond
  • Eastern Bank
  • Harvest Small Business Finance
  • Hope Credit Union
  • Huntington National Bank
  • J.P. Morgan
  • Live Oak Bank
  • ReadyCap Lending
  • TD Bank
  • Wells Fargo

“Last year, the SBA provided $50 billion in capital to small businesses nationwide, partnering with lenders to provide a historic $34 billion in small business loans through their signature 7(a) and 504 loan programs. These loans have helped promote inclusive economic growth, with $5 billion going to women-owned businesses, a record $3 billion going to Latino-owned businesses, and a doubling of loans to Black-owned businesses since 2020. In addition, under President Biden, Americans have filed a record 14.6 million new business applications and business ownership rate among families has risen 9% since 2019, with particularly strong gains for Hispanic and Black households. Today’s roundtable provided an opportunity for administration officials and lending leaders to discuss strategies to build on these successes and bring small business growth to new heights.”

“Bringing together many of the largest SBA lending partners, this Summit provided an opportunity for lenders to discuss shared priorities for supporting small business growth around the country, and for Administration officials to learn about how Biden-Harris Administration policies are being implemented on the ground. In addition, SBA announced that they will be creating a Small Business Lending Federal Advisory Committee in the coming months to continue hearing directly from lenders and other stakeholders about how to best meet the capital needs of small businesses, especially in underserved communities.”