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Over the last year, the SBA Seattle District saw the most loans made in over 15 years and the second-highest level of loan volume ever.
The U.S. Small Business Administration on Tuesday announced more than $1 billion in funding to small businesses in its Seattle District in fiscal year 2024, which ended Sept. 30.
SBA Seattle District Director Melanie Norton said the year was exceptional, with the most SBA loans in over 15 years and the second-highest level of loan volume ever.
“Thanks to the commitment of the local SBA lending community — along with support from the local SBA Resource Partner Network — we saw a remarkable 30% increase in SBA loans in our district compared to the year prior,” she said in a news release.
The year’s total volume was 2,037 loans totaling $1.08 billion. Over $965 million in 7(a) loans were provided to 1,866 borrowers; the 7(a) program provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements. The loans can be used for acquiring, refinancing or improving real estate and buildings, as well as short- and long-term working capital.
The Seattle District serves Washington state (minus the four counties in Southwest Washington served by the Portland District) and 10 counties in northern Idaho, with offices in Seattle and Spokane.
The Seattle District saw an increase in the number of small loans. While the total number of 7(a) loans increased, the average size of these loans decreased by 9%. The SBA backed more than $62 million in loans under $150,000, representing a 64% increase in similar-sized loans compared with fiscal 2023. Microloan volume exceeded $1.5 million, representing a 40% increase compared with the last fiscal year.
There was an increase in lending across all demographics over the past five fiscal years. Compared with 2020, the number of loans to Native-owned, Asian American- and Pacific Islander-owned, Black-owned, Latino-owned, woman-owned, and veteran-owned businesses has increased by 63% on average, while total volume of loan dollars to each group has increased 39% on average.
In fiscal 2024 in the Seattle District, 381 Asian American- and Pacific Islander-owned businesses borrowed $364.2 million, up from $283.2 million in the previous year.
Following those businesses were:
Total loans to Black-, Latino- and Native American-owned companies declined from fiscal 2023, from 219 loans totaling around $95.1 million to 208 loans totaling around $71.1 million.
Nationally, SBA delivered $56 billion to small businesses and disaster-impacted communities in fiscal 2024. The agency increased its annual capital portfolio by 7% over the prior year. And for the first time since 2008, the SBA made more than 100,000 financings to small businesses, representing a 22% increase over fiscal 2023 and a 50% increase over 2020.
Number of 7(a) loans, 2024
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