SBA Announces Historic Support for Small Businesses in Northern California
Today Acting District Director George Flores of the San Francisco District Office announced that the US Small Business Administration reached $1.1 billion in funding to small businesses in Northern California, providing 1,272 traditional loans through its 7(a), 504, and Microloan lending partners for Fiscal Year (FY) 2022.
“SBA loans continue to be a key source of capital for small businesses across Northern California,” said George Flores, Acting Director of the SBA’s San Francisco District Office. “I’m especially encouraged by this year’s historic level of SBA 504 lending,” said Flores. “This region’s small businesses are continuing to bet big on growth, job creation, and the future.”
Despite ongoing, structural challenges that exist for small business owners when seeking capital, the SBA’s efforts in helping them pursue their American dream showed signs of progress.
Notably, the SBA’s low-interest 504 loan program grew in volume to $472 million in Northern California, a record level of lending for the 504 program.
In addition, the 7(a) program saw an increase in small-dollar loans, evidence of the SBA’s prioritization of startups and businesses hampered by gaps in credit markets.
By the Numbers
The SBA continues to innovate and retool its programs, while deepening outreach efforts to better reach business owners across the nation.
FY22 regular business lending programs data of note includes:
Disaster business lending in Northern California resulting from the pandemic has included:
In the whole state of California businesses were also helped by the Shuttered Venue Operator Grants (SVOG) and Restaurant Revitalization Fund (RRF):
For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.
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