The U.S. Small Business Administration (SBA) recently announced that it delivered $50 billion in capital, disaster relief, and bonding to small businesses and disaster-impacted communities across the nation in fiscal year (FY) 2024. More than $714.2 million of those dollars helped Wisconsin small businesses start and grow via 1,342 SBA-backed loans made through banks, credit unions, and community-based lenders.
The SBA’s flagship 7(a) program in Wisconsin approved a higher number of loans (1,099) for a higher dollar amount ($524.9 million) compared to FY 2023’s 964 loans totaling $482.1 million. The number of 504 loans decreased slightly year over year (173 in FY 2024 compared to 183 in FY 2023), while dollar amounts increased from $174.9 million to $188.3 million.
The number and dollar totals of microloans made by the six SBA microloan intermediaries operating in Wisconsin decreased with 70 loans made for just over $1 million compared to 86 loans made for $1.7 million in FY 2023.
The number of loans under $150,000 increased by nearly 100 (590 in FY 2024 compared to 492 in FY 2023), with total dollars growing from $31 million to $37 million. More than 34% or 440 of the 1,272 7(a) and 504 loans went to startups in FY 2024, compared to 40% of loans, 461 of 1,147, in FY 2023.
In FY 2024, 219 loans were reported to have gone to minority borrowers, 54 to veterans, and 448 to businesses with any percentage of ownership by women. Lenders did not report demographics for 192 of the 1,342 total loans.
A complete list of Wisconsin’s SBA-approved lenders, along with daily updates and history on 7(a) and 504 SBA lending activity in Wisconsin, is available here.
