Based on a calculated analysis by Creative Investment Research, the SBA’s 7(a) Loan Program, the agency’s main and most common lending program, is projected to lend Black firms and businesses $1 billion this year, a whopping jump from $599 million in 2017.
The Washington, D.C.-based firm figured 7.76% of SBA loans were issued to Black business owners from October 2022 through mid-June 2023, versus 3.86% in 2017. It reports the percentage of loan dollars to Black entrepreneurs in that time frame rose to 4.41% from 2.36%.