While the number of U.S. Small Business Administration loans increased in Connecticut, the total amount of lending fell during the most recent fiscal year.
Lending in the SBA’s 7(a) loan guaranty program and 504 loan program increased 3 percent year-over-year in the fiscal year ending Sept. 30, according to data from the SBA’s Connecticut district office. The loan amounts in those two programs decreased year-over-year by 19.9 percent, from $366.4 million to $305.5 million.
Including microloans, another SBA program, $306.8 million went to 791 small businesses, according to the SBA’s annual report. Fiscal year 2022 was the first year with no new Paycheck Protection Program loans since the start of the pandemic.
“Our entrepreneurs are resilient and continue to march forward in this brave new world,” Catherine Marx, director of the SBA’s Connecticut district office, and Mike Vlacich, SBA’s regional administrator for New England, said in a joint statement last month. “They have pivoted to achieve business continuity; as such, we at the SBA Connecticut District Office have pivoted as well, to meet businesses where they work.”
The 7(a) program had 636 loans in Connecticut for a total of $234.7 million. This program last year saw 632 loans in Connecticut for $294.9 million.
The top SBA 7(a) lenders in Connecticut were Webster Bank, M&T Bank, TD Bank, Liberty Bank and KeyBank.
The 504 loan program saw 104 loans in fiscal year 2022 compared to 86 in the previous year, a 21 percent increase. The dollar amount in the program decreased from $71.5 million in 2021 to $70.8 million in 2022. Community Investment Corp., New England Certified and Housatonic Industrial Development Corp. were the top 504 lenders.
Small businesses in the 504 program also receive a loan from a third-party lender, and the third-party portion totaled $94.6 million. The top third-party lenders were Webster Bank, Newtown Savings Bank, Savings Bank of Danbury, Liberty Bank and Windsor Federal Savings.
The microloan program, which provides up to $50,000 to help small businesses start up and expand, gave loans totaling $1.3 million to 51 businesses last year. The 2021 fiscal year saw 41 microloans approved for $1 million.
The top microloan lenders were Community Economic Development Fund, HEDCO and Community Investment Corp.






