SBA Approved Record $363M Connecticut Business Loans in 2023

The U.S. Small Business Administration’s Connecticut District Office approved more than $363 million in loans in fiscal 2023.

That marks a historic high for the agency’s Connecticut office, which approved 894 loans from October 2022 through September 2023.

SBA lending totals increased 18.5% over the previous year, helping support thousands of jobs across the state.

District director Catherine Marx said the agency’s flagship 7(a), 504, and microloan programs assisted 894 small businesses and supported 7,445 Connecticut jobs.

“Access to capital for Connecticut small businesses and entrepreneurs promotes innovation, growth, and job creation,” Marx said.

“The record 2023 lending is a result of SBA’s increased visibility, the commitment of our lenders and SBA resource partners, Connecticut Small Business Development Center, Women’s Business Development Council, and SCORE, to focus on equitable access to capital.” 

Loan Programs

The Connecticut office approved $290.4 million in 7(a) loans, which offer borrowers the potential for a lower equity injection and longer amortization with government capped interest rates.

M&T Bank handled 126 7(a) loans totaling $18.1 million, followed by Webster Bank (117 loans; $45 million), and TD Bank (111 loans; $14.1 million).

SBA approved 90 504 loans to Connecticut small businesses totaling $71.7 million in SBA funding and $100.6 million in third party private lender financing.

📢Reminder that the nomination deadline is coming up – December 7th! https://t.co/lIgJX4Pg8K

— SBA Connecticut (@SBA_Connecticut) November 20, 2023

The SBA’s 504 loan program is a public-private partnership designed to provide fixed rate financing on large equipment and real estate projects for small businesses.

The agency also approved 60 microloans worth $1.5 million.

The microloan program provides funds to designated nonprofit community-based lenders with management and technical assistance expertise.

The Connecticut office will hold its fiscal 2023 Lender Eagle Awards in partnership with the SBDC in Norwalk on Dec. 6.