The U.S. Small Business Administration (SBA) recently announced that the SBA delivered $50 billion in capital, disaster relief, and bonding to small businesses and disaster-impacted communities across America in Fiscal Year 2023 (FY23). SBA experienced another banner year of lending with increases in its microloan program, as well as its flagship 7(a) Loan Program — the agency’s primary vehicle for providing funding to small businesses.

“Starting and running a business takes tremendous grit and determination, but it also takes capital — something too many enterprising Americans have historically been unable to obtain equitably and affordably,” said SBA Administrator Guzman. “In Fiscal Year 2023, the SBA transformed its lending and investment programs and expanded its capital partners to deliver nearly $50 billion in startup, growth, and recovery capital, as well as surety bonds, including more small business lending to people of color, women, and veterans.”

Highlights of the SBA’s FY23 lending include a notable increase in the number and value of 7(a) loans to small businesses across America, as well as a rise in the number of small-dollar loans distributed through this essential program. The SBA also made strides in its ongoing efforts to close persistent gaps in capital, particularly for entrepreneurs from underserved communities.

In Georgia, over 2,000 traditional loans and microloans were approved for nearly $1.4 billion in funding to small businesses throughout the state.

FY 2023 SBA capital access program summary:

• 7(a) Loan Program: 1,686 loans approved for $1,175,021,300

• 504 Loan Program: 189 loans approved for $214,696,000

• Microloan Program: 112 loans approved for $3,435,528

• Surety Bond Guarantees: 133 bid bonds approved for contracts totaling $95,276,543 and90 final bonds (payment/performance/maintenance bonds)approved for contracts totaling $55,152,777

• Small Business Investment Company: 75 financings for over $249 million went to 27 small businesses

“Georgia continues to be a great place to start, grow or launch a small business,” said Terri Denison, SBA Georgia District Office Director. “In FY23, our outreach efforts throughout the state helped increase the total number of loans to small business owners by nearly 20 percent. We will continue to work with our lending community, resource partners, and various economic development stakeholders along with the small business community in Georgia to help ensure entrepreneurs can access the capital they need to start, grow, and expand.”

Supporting minority-owned businesses by broadening access to capital:

SBA continues to grow its 7(a) and 504 lending footprints with minority-owned businesses, including those owned by Black, Latino, Native, AAPI, women, and veteran entrepreneurs in Georgia. Notable comparisons from FY22 to FY23 include:

• Black-owned businesses: In FY23, the SBA backed 352 loans to Black-owned businesses in Georgia totaling $128,121,900. Total loans increased by nearly 35 percent, and total dollars increased by 33 percent from FY22.

• Latino-owned businesses: In FY23, the SBA backed 146 loans to Latino-owned businesses in Georgia, totaling $61,533,000. Total loans increased by nearly 130 percent and total dollars increased by nearly 75 percent from FY22.

• AAPI-owned businesses: In FY23, the SBA backed 396 loans to AAPI-owned businesses in Georgia, totaling $466,931,400. Total loans increased by nearly 17 percent from FY22.

• Native-owned businesses: In FY23, the SBA backed 15 loans to Native-owned small businesses in Georgia, totaling $9,954,100. Total loans increased by 50 percent, and total dollars increased by over 140 percent from FY22.

• Women-owned businesses: In FY23, the SBA backed 418 loans to women-owned small businesses in Georgia, totaling $214,795,500. Total loans increased by 20 percent, and total dollars increased by over 5 percent from FY22.

• Veteran-owned businesses: In FY23, the SBA backed 107 loans to veteran-owned businesses in Georgia, totaling $44,576,200. Total loans increased by over 33 percent, and total dollars increased by over 10 percent.

For more information about SBA’s loan programs, financial assistance, and other services in Georgia, visit www.sba.gov/ga.