Fulfilling its responsibilities
The Connecticut District Office of the Small Business Administration (SBA) recorded more than $368 million in lending to small businesses through more than 768 traditional loans during fiscal year FY2021 (October 2020 to September 2021) ”“ its highest volume in over five years, while the PPP program was “a real lifeline” to innumerable businesses.
Important to the SBA were its “resource partners,” particularly banks and other lending institutions, that stepped up to the plate during the pandemic”™s darkest days.
That lack of small-dollar loan appetite from lenders has led to disproportionate impacts on minority business owners. Firms with non-Hispanic Black ownership and firms with $100,000 or less in revenues were only half as likely as firms with non-Hispanic White ownership to obtain bank funds, with Latinx-owned firms at a similar disadvantage.
For more, visit https://www.sba.gov/offices/district/ct/hartford
