WASHINGTON – Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), joined Congressman Steven Horsford at the 2023 Congressional Black Caucus Foundation’s Annual Legislative Conference today to announce new data showing the rate of SBA-backed loans going to Black-owned businesses has more than doubled under the Biden-Harris Administration.
“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 Administrator Guzman. “Today’s benchmark loan numbers show our work under President Biden’s Investing in America agenda making inroads to support more of America’s Black small business owners. 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.”
“Economic mobility and success are vital to achieving the American dream, but for far too long small businesses owned by Black Americans have faced roadblock after roadblock on that path,” said Congressman Steven Horsford (NV-04), Chair of the Congressional Black Caucus. “I applaud the efforts of the Biden Administration and the SBA to help Black small business owners succeed and grow. The growth in lending to the Black community and other underserved groups is promising news and is a result of direct efforts to reach more communities.”
The SBA has backed more than 4,300 SBA loans to Black-owned businesses so far in FY 23 through the 7(a) and 504 programs. Total loan dollars ($1.3 billion) and overall share of SBA approved loans (7.5%) to Black-Owned businesses have also more than doubled since 2020.
|SBA 7(a) and 504 Loans to Black-owned Businesses||FY 2017||FY 2018||FY 2019||FY 2020||FY 2021||FY 2022||FY 2023 YTD|
|Share (% of loans)||3.7%||4.1%||4.3%||3.5%||4.5%||6.4%||7.5%|