SanPete Financial Group

New Records for Lending to Small Businesses

The SBA released its 2024 Capital Impact Report, showing that the agency increased its lending to small businesses to a record high $56 billion in FY 2024—a 50% increase over FY 2020. Further, SBA provided over 100,000 small business financings last year—the most in over 15 years. Since FY 2020, SBA has increased lending to underserved businesses including a:

3x increase in loans to Black-owned businesses
2.5x increase in loans to Latino-owned businesses
2x increase in loans to women-owned businesses
2x increase in small dollar loans (loans of less than $150,000)
Increasing Access to Federal Contracting Opportunities

The SBA is proposing new regulations to increase small business participation on multiple award contracts, a popular buying tool used for over 20 percent of all contracting by the Federal Government. The proposed rule will require agencies to set aside orders made under these contracts when two or more small business contract holders are expected to submit competitive offers. Multiple award contracts allow agencies to meet mission needs in a timely, cost-effective manner by awarding task and delivery orders to contract holders using streamlined competitions.

FACT SHEET: Vice President Harris Announces Record Lending to Small Businesses in 2024 and New Actions to Cut Red Tape and Expand Contracting Opportunities | The White House SBA backed over 100,000 small business financings this year—the most in over 15 years Today, Vice President Harris announced that the Small Business