At a time when banks’ lending standards are tightening, loans backed by the U.S. Small Business Administration are proving to be a critical lifeline for small businesses across Greater Washington. In fiscal year 2023, which ended Sept. 30, lenders issued 742 loans backed by the SBA’s 7(a) program, up 27% from the previous fiscal year, according to newly released data. In the same period, the total dollar value of those loans climbed 13% to $297 million.
Live Oak, M&T Bank top list of Greater Washington’s largest SBA lenders
October 10, 2023