Small Dollar Lending and Lending to Underserved Entrepreneurs Continues to Rise as a Record 19 Million New Business Applications Filed Under Biden-Harris Administration
14 Agosto 2024 - 11:55AM
Today, Administrator Isabel Casillas Guzman, head of the
U.S.
Small Business Administration (SBA) and the voice in President
Biden’s Cabinet for America’s more than 34 million small
businesses, announced
the Biden-Harris Administration has
tripled SBA lending to Black-owned businesses while
doubling small-dollar lending and lending to Latino- and
women-owned small businesses. The new data comes as the United
States reaches a record 19 million new business
applications under the Biden-Harris Administration.
“Over the past four years more entrepreneurs than ever before
have pursued the American dream of business ownership, and the SBA
has been committed to matching this incredible wave of enthusiasm
with the capital, market access, and resources small businesses
need to start, grow, and thrive,” said SBA Administrator
Guzman. “While there is more to do, the Biden-Harris
Administration is working to level the playing field for
underserved entrepreneurs, and we remain laser-focused on expanding
access to opportunity and championing equity.”
Since the start of the Biden-Harris Administration, there have
been 19 million new business applications with an average 443,000
filed each month – a rate 92% faster than the pre-pandemic average.
This historic Small Business Boom has been driven by women and
people of color, with data showing Black business ownership
doubling since 2019 and women increasing business ownership at a
pace nearly double the pace of men.
Since President Biden took office in 2021, SBA lending to
historically underserved entrepreneurs has grown substantially.
Compared to FY20, so far in FY24:
- Average monthly SBA
lending to Black-owned businesses has tripled.
- Average monthly SBA
lending to Latino-owned businesses has more than
doubled.
- Average monthly SBA
lending to women-owned businesses has doubled.
- Average monthly SBA
small-dollar lending has doubled.
Having already achieved the first, second, and third strongest
years of new business applications on record, the Biden-Harris
Administration’s economy remains on track for its fourth
consecutive year of historic business filings. The U.S. economy has
grown more in the past four years than in any other four-year span
in the last quarter century.
See here for additional lending data and more information on how
the SBA under the Biden-Harris Administration has taken steps to
increase access to capital in underserved communities.
- Black
Lending: In FY24 so far, the average monthly loan count is 415,
triple the average monthly loan count in FY20. Average loan
volume is $124 million, more than double the average loan
volume in FY20.
- Latino
Lending: In FY24 so far, the average monthly loan count is 775,
over double the average monthly loan count in FY20. Average
loan volume is $261 million, double the average loan volume
in FY20.
- Women
Lending: In FY24 so far, the average monthly loan count is
1,255, double the average monthly loan count in FY20.
Average loan volume is $444 million, a two-thirds increase
over average loan volume in FY20.
- Small-Dollar
Lending: In FY24 so far, the average monthly loan count is
3,110, double the average monthly loan count in FY20.
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About the U.S. Small Business Administration The
U.S. Small Business Administration helps power the American dream
of business ownership. As the only go-to resource and voice for
small businesses backed by the strength of the federal government,
the SBA empowers entrepreneurs and small business owners with the
resources and support they need to start, grow, or expand their
businesses, or recover from a declared disaster. It delivers
services through an extensive network of SBA field offices and
partnerships with public and private organizations. To learn more,
visit www.sba.gov.
Christine Saah Nazer
U.S. Small Business Administration
202-756-0304
Christine.saahnazer@sba.gov
Han Nguyen
U.S. Small Business Administration
202-756-0304
Han.Nguyen@sba.gov
Rebecca Galanti
U.S. Small Business Administration
202-756-0304
rebecca.galanti@sba.gov