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In a year when 65,000 Connecticut small businesses received Paycheck Protection Program loans, the state’s U.S. Small Business Administration office still saw more than $207 million in lending through its traditional loan products.
Connecticut’s SBA district office had 578 loans for $206.94 million in Connecticut’s eight counties for the fiscal year ending Sept. 30, the SBA said in a statement. Loans were part of the 7(a) Loan Guaranty Program, the Certified Development Company/504 Loan Program and the Microloan Program.
Offered through the SBA’s lending partners, these loan programs provide small businesses access to capital to cover most business expenses, including short- and long-term working capital, exports and refinancing existing debt.
“We continue to fulfill our mission by supporting SBA-backed financing and various grant programs to reach entrepreneurs across geographic locations, economic regions, including rural and underserved communities, and all industries,” Catherine Marx, Connecticut SBA district director, said in the statement. “Our lending and resource partners went above and beyond this year.”
In fiscal year 2020, 444 Connecticut small businesses received 7(a) program loans for $165 million, 73 received loans from the 504 program for $39 million, and 61 loans for $1.4 million were made through the SBA’s Microloan program for loans less than $50,000.
Connecticut’s SBA district office held its annual lenders meeting virtually on Dec. 15. Lenders recognized during the event were:
- Lender of the Year for 7(a) Loans – Webster Bank
- CDC Lender of the Year for 504 Loans – Community Investment Corporation
- Microlender of the Year – Community Economic Development Fund
- Lender of the Year for 504 3rd-party Lending – Webster Bank
- Minority Lender of the Year – Liberty Bank
- Women Entrepreneurial Lender of the Year – TD Bank
- Veterans Lender of the Year – Liberty Bank
- District Director Award, Connecticut – Sheldon Pollock, Ion Bank
Nationally, the SBA’s traditional lending programs guaranteed more than $28 billion to small businesses during the fiscal year. In addition to these programs, the SBA also administered the Paycheck Protection Program and Economic Injury Disaster Loans (EIDL), providing the most access to capital in the agency’s history.
In Connecticut, small businesses, non-profits, agricultural businesses and faith-based organizations received over 35,000 EIDL Loans for more $2.1 billion through Nov. 22. Businesses also received more than 52,000 EIDL Advances approved for over $166 million. The PPP provided $6.7 billion in Connecticut to 65,000 small businesses and not-for-profit organizations.
