SBA Loans Connecticut Small Businesses $305M in 2022
The U.S. Small Business Administration’s Connecticut District Office distributed over $305.5 million in loans to small businesses in the last year through commercial lenders and community partners.
Coming off a historic year in 2021, SBA also administered COVID-19 federal relief program loans as well.
Connecticut businesses received more than $14.5 billion through SBA federal relief programs since the pandemic first began.
Still, traditional loans continue to fuel hundreds of small businesses across the state.
“Our SBA programs and services have become the premier go-to resource for capital, counseling, and contracting,” SBA District Director Catherine Marx said.
More than 600 businesses received a total of $234.7 million through 7(a) loans in FY22. It represented a slight decrease from last year’s $294 million, but still up significantly from 2020.
The 7(a) loan program helps lenders make small business loans with interest rates capped by the federal government.
Under the program, the SBA guarantees a portion of the business loan will be repaid if the borrower defaults.
Top lenders of the 7(a) program include Webster Bank, M&T Bank, TD Bank, Liberty Bank and Keybank National.
“We salute our lenders and partners,” Marx said.
The 504 loan program funded 104 small businesses, which supports nearly 750 jobs, a 21% increase over 2021.
Funded through public-private partnerships, the program offers fixed-rate financing for major assets that promote business growth and job creation.
Microloans supported 51 small businesses in Connecticut, with $1.3 million distributed thanks to various lenders, including the Community Economic Development Fund, HEDCo, and Community Investment Corporation.
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