$382.9 Million in Loans to Support VA's Economy
Virginia– The U.S. Small Business Administration (SBA) Virginia-Richmond District Office announced today Fiscal Year 2022 (October 1, 2021 – September 30, 2022) summary loan data. The Virginia-Richmond District Office services 92 counties in Virginia, excluding Arlington, Fairfax, and Loudoun counties and the cities of Alexandria, Fairfax, and Falls Church.
Loans via SBA 7(a), 504, and microloan programs in Virginia totaled 742 and $382.9 million. In Fiscal Year 2022, SBA's flagship 7(a) loan program made 513 7(a) loans to Virginia small businesses totaling approximately $292.6 million. The 504 Loan Program (SBA and third-party lenders, combined) reported more than $203.8 million in lending to Virginia small businesses. The Microloan Program, which specifically helps businesses in underserved communities, reported $ $1,987,870 in lending for the areas covered by the Virginia-Richmond District Office.
"The recent numbers are indicative of our efforts to support small businesses in the Virginia counties and cities we serve. Our goal is to make access to capital a cornerstone for small businesses," said SBA Virginia Deputy District Director Shirelle Taliaferro.
SBA's 7(a) Loan Guaranty Program is the SBA's primary financial assistance instrument. It provides loan guaranties on business loans to help qualifying entrepreneurs secure financing on reasonable terms. The program operates through private-sector lenders who provide loans. SBA's 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.
"We're seeing a healthy doubling down by investors and community stakeholders on small businesses," said SBA Mid-Atlantic Regional Administrator John Fleming. "More capital is flowing to American small businesses due to improved opportunities thanks to historic bi-partisan policies created under the Biden Administration and President Biden's commitment to strengthen equitable access to capital through SBA."
Nationally, SBA announced the agency reached $43 billion in Fiscal Year 2022 funding with more than 62,000 loans.
