SBA Connecticut District originated over $363M in FY23 loans

The U.S. Small Business Administration’s (SBA) Connecticut District Office reported a record-breaking 894 approved SBA loans totaling over $363 million to small businesses during Fiscal Year 2023 (October 2022-September 2023).

The volume of approved loans represented a 13% increase over FY22’s 791 approvals, while FY23’s dollar volume is an 18.5% increase over $307 million in FY22.

During FY23, the SBA Connecticut District Office approved 744 approved 7(a) Loans totaling $290.4 million, 90 504 loans totaling $71.7 million in SBA funding and $100.6 million in third party private lender financing, and 60 approved microloans totaling $1.5 million.

“Our flagship programs 7(a), 504 and Microloans assisted 894 small businesses, supporting 7,445 jobs in Connecticut. Access to capital for Connecticut small businesses and entrepreneurs promotes innovation, growth, and job creation,” said Catherine Marx, director for SBA Connecticut District. ‘This year’s record approvals are a direct result of the commitment of our partner lending institutions who, through government guarantees, offer financial instruments for entrepreneurs and small businesses in need of short-and long-term working capital, financing for major fixed assets, land acquisition, and more.”