SBA Sets Connecticut Lending Record

The U.S. Small Business Administration’s Connecticut district office closed its fiscal year with a record-setting performance, approving more than $481 million in loans statewide.  

Officials said the office approved 1,999 loans in fiscal year 25—a 13.1% jump in volume and 25.7% increase in value compared to last year.  

“Access to reliable capital is the foundation of a strong small business economy, and SBA-backed loans helped Connecticut entrepreneurs move from ideas to action,” SBA Connecticut district director Catherine Marx said.  

Marx added that SBA’s expanded engagement across the state and strong partnerships have driven the growth.  

“These collaborations are making it possible for more small businesses to secure the funding they need to thrive,” she noted. 

New Initiatives  

New programs focused on business’ evolving needs supported the growth.  

The SBA’s Working Capital Pilot program expands options for small businesses looking for short-term financing to manage cash flow fluctuations, purchase inventory, or support seasonal needs.  

The Made in America initiative was designed to strengthen the manufacturing base nationwide.  

Marx said in the coming year, the office will increase its efforts to further support Connecticut’s manufacturing ecosystem.  

In September, the agency introduced the Manufacturer’s Access to Revolving Credit loan program which provides manufacturers with flexible working capital.  

The program supports existing loan programs available to various industries.  

Lending Support  

This year, the 7(a) program remained the most popular loan. The agency approved 1,005 loans totaling $388.7 million. 

M&T Bank topped the list with 240 loans worth $24.2 million, followed by TD Bank ($17.8 million) and Northeast Bank ($10.8 million). 

The 504 loan program—which supports major capital projects like real estate and equipment—saw 86 loans resulting in $90.9 million in SBA funding and $124.4 million in private financing.  

The New England Certified Development Corporation loaned $49.4 million through 47 approved loans, while the the Community Investment Corporation supported 35 loans totaling $28.2 million.  

The SBA supported 29% more microloans this year—with the agency approving 86 loans totaling nearly $91 million.  

Microloans are delivered through nonprofit intermediaries that also provide technical assistance. 

The Community Economic Development Fund delivered 41 loans worth $1.12 million and Pursuit Lending supported 33 loans totaling $165,000.  

The office will celebrate its lending achievements and honor top-performing lenders at its annual Lender Awards Breakfast Dec. 11 in Stratford.