The number of Small Business Administration loans to Black-owned businesses has nearly doubled over the past six years.
SBA data shows it made 4,387 loans across its 7(a) and 504 lending programs to Black-owned businesses so far in fiscal year 2023 — up from 2,511 in fiscal 2017. Since fiscal 2017, the share of Black-owned businesses getting an SBA 7(a) or 504 loan grew from 3.7% to 7.5%, and the total dollar amount grew from $671 million to more than $1.3 billion.
“Black businesses are helping to power a nationwide small business boom that is creating jobs, advancing equity in communities across America and uplifting our economy,” said SBA Administrator Isabella Guzman in a news release. “Despite these gains, we still have a long way to go. We continue to push forward with long overdue and transformational reforms to our lending and investment programs that will raise the bar of equity and opportunity even further for all of America’s small businesses.”