The U.S. Small Business Administration’s Wisconsin District helped the state’s small businesses access nearly $789 million in SBA-supported loans to meet their business needs in the 12 months ending September 30, 2022. While a drop from the record high FY21 figure of over $1 billion in the state, SBA-backed lending is still well above pre-pandemic annual lending amounts, which ranged between $500 and $600 million annually.
In total, SBA supported 1368 7(a), 504, and microloans for $788.7 million in FY22. More Badger State firms took advantage of the SBA 504 loan program, which helps small businesses get long-term, fixed-interest capital to acquire fixed assets such as real estate, additional machinery, equipment, and construction efforts. With 387 504 loans made for $287.1 million—more loans, but $10 million less than was lent than in FY21, the average 504 loan size decreased to $857,000 in FY22, compared to $873,000 in FY21.
“These loan numbers indicate a healthy doubling down and belief by investors and community stakeholders that small businesses are essential for inclusive economic recovery and prosperity,” said SBA Great Lakes Regional Administrator Geri Aglipay. “More capital is flowing to American small businesses due to opportunities from historic bi-partisan policies created under the Biden Administration and the President’s commitment to strengthen equitable access to capital through SBA and SBA’s with no-cost resources and programs.”