SBA Connecticut Lending Delivered a Historic Surge in Volume for Fiscal Year 2024

The U.S. Small Business Administration (SBA), Connecticut District Office reached historic volume through 1,058 approved SBA loans totaling over $383 million to small businesses during FY24 (October 2023-September 2024). The 1,058 loans approved in FY24 represent an increase of 18.3% over FY23’s 894 approvals.

Additionally, these results show an increase in small dollar loans, reflecting the Agency’s program reforms in late FY23 that improved access to affordable capital and modernized lending criteria; all of which made it easier for both lenders and business owners to work with the SBA.

SBA’s flagship programs 7(a), 504 and Microloans assisted 1,058 small businesses, with loan approvals ranging from $5,000 to $5 million.

SBA Connecticut District Office FY24 lending highlights include:

➢ SBA’s 7(a) Loan Program: 901 approved 7(a) loans, totaling $318.8 million, supporting 7,664 jobs. SBA’s 7(a) program assists lenders to make small business loans, in which the SBA guarantees a portion. An SBA guaranteed loan offers borrowers the potential for a lower equity injection and longer amortization with government capped interest rates.

• M&T Bank is the #1 SBA 7(a) lender in Connecticut with 168 loans, totaling  $19.0 million and an average loan size of $113,000.
• TD Bank ranked #2 with 98 loans, totaling $9.2 million and an average loan size of $94,000.
• Webster Bank ranked #3 with 95 loans, totaling $31.4 million and an average loan size of $331,000.

➢ SBA’s 504 loan program: 73 approved 504 loans, totaling $62.7 million in SBA funding and $113.8 million in 3rd party private lender financing, supported 614 jobs. The SBA 504 loan program is a public-private partnership designed to provide fixed rate financing on large equipment and real estate projects for small businesses. Under this program, 3rd party private lenders provide 50% of the project’s financing, with the SBA supplying 40% and the small business 10%. Through the 504 program the SBA partners with a Certified Development Company (CDC) to support the project.

• New England Certified Development Corporation is the #1 SBA 504 lender in Connecticut with 36 loans, totaling $33.7 million with an average size of $937,000 of SBA funding.
• Community Investment Corporation ranked 2nd with 31 loans, totaling $26.4 million and an average size of $850,000 of SBA funding.

➢ SBA’S Microloan program: 84 approved microloans, totaling $1.7 million, is an increase of over 40% to FY23’s 60 approvals. The SBA Microloan program provides funds to designated nonprofit community-based lenders with management and technical assistance expertise who administer the program.

• The Community Economic Development Fund is the #1 SBA Microloan lender in Connecticut with 30 loans, totaling $722,000 and an average loan size of $24,000.
• Pursuit is the #2 SBA Microloan lender in Connecticut with 22 loans, totaling $110,000 and an average loan size of $5,000.

“Small business loans backed by the strength of the federal government enabled our small businesses to start, grow and expand. Indeed, the surge in lending is a result of SBA’s increased visibility, the commitment of our lenders and partners to focus on access to capital through targeted events” stated Catherine Marx, SBA Connecticut District Director. “Capital is critical to small businesses at every stage, and our programs help power the American dream of business ownership.”


For complete data on the SBA’s loan programs visit https://data.sba.gov/dataset/office-of-capital-access