SBA Lending Increases in 2024

Small business financing through the SBA’s Connecticut district office increased in 2024. 

The U.S. SBA released its 2024 capital report in October, outlining small business support over the last year. 

Connecticut’s district office facilitated 974 loans in fiscal year 2024 through 7(a) and 504 lending options, totalling more than $381 million. 

Those small business loan sizes averaged $443,000.

“Small business loans backed by the strength of the federal government enabled our small businesses to start, grow and expand,” SBA Connecticut district director Catherine Marx said.

Lending Support

The total lending amount in 2024 represents an 86% increase in lending from 2020. 

“The surge in lending is a result of SBA’s increased visibility, the commitment of our lenders and partners to focus on access to capital through targeted events,” Marx said. 

A number of local banks supported the 7(a) loans. As SBA’s primary business loan program, it provides loan guarantees to lenders.

“Capital is critical to small businesses at every stage, and our programs help power the American dream of business ownership.”

SBA’s Catherine Marx

M&T Bank was the top 7(a) lender in Connecticut with 168 loans totaling nearly $19 million, with an average loan size hovering around $113,000.

TD Bank supported 98 loans in Connecticut totaling $9 million and Webster Bank supported 95 loans totaling more than $31 million.

“Capital is critical to small businesses at every stage, and our programs help power the American dream of business ownership,” Marx said.

On top of traditional lending, SBA approved six disaster loans in Connecticut in 2024.