SBA lending tops $1 billion in Wisconsin
For the year ending Sept. 30, 2021, the Small Business Association (SBA) and SBA-approved lenders made an unprecedented investment of $1.074 billion through 1,744 loans to Wisconsin small businesses and $20 billion in COVID relief economic aid, according to a report from the SBA. Nationally, the SBA has backed loans totaling $44.8 billion and delivered more than $1 trillion in COVID relief economic aid. The data is based on the fiscal year Oct. 1, 2020 to Sept. 30, 2021. Wisconsin funding includes:
- 1,326 loans used for working capital, supplies, and equipment totaling $774,859,300, an increase of nearly 36% in loan volume and a nearly 69% increase in dollars over the previous year. Of this, lenders reported that women-owned businesses obtained $94 million and 209 loans, veteran-owned businesses got $34 million and 64 loans, and 428 loans and $184.3 million went to startup businesses;
- 341 loans used for long-term real estate and capital projects, a nearly 36% increase in loan volume, and a nearly 45% increase in dollars. Of these, lenders reported that women business owners obtained 31 loans for $18.5 million and veterans received seven loans for $4.3 million. Startup businesses were approved for 46 loans totaling $36.1 million; and
- 77 microloans of up to $50,000 totaling $1,889,269, a 9.4% decrease in loan volume, and an 8% increase in dollars over the previous year. Of these, women entrepreneurs obtained 30 loans for $733,435 and veterans obtained 11 loans for $395,500.