The U.S. Small Business Administration has announced that agency-approved lenders have loaned over $1 billion to small businesses in the state over the year ending Sept. 30.
SBA District Director Eric Ness says this is the first time SBA-approved lenders have delivered more than $1 billion in loans to Wisconsin small businesses in a single year. A total of 1,744 loans were provided between Oct. 1, 2020 and Sept. 30 of this year.
Of that number, 1,326 loans for a total of about $775 million went toward working capital, supplies and equipment, a release from the agency shows. The total loan volume in this category was 36 percent higher over the year, with an increase of 69 percent in loan dollar value compared to the previous year.
Another 341 loans for a total of nearly $298 million went toward long-term real estate and capital projects in the state, representing a 36 percent increase in loan volume and 45 percent increase in dollar amounts over the previous year.
And 77 microloans of up to $50,000 with a total of $1.9 million went to small businesses in the state, marking a 9.4 percent decrease in loan volume and an 8 percent increase in dollar value over the year.
See details on the loan activity: https://www.sba.gov/sites/default/files/resource_files/FY2021_WI_lending_7a_504_micro_Lender_Activity_508_Compliant.pdf
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