• Skip to primary navigation
  • Skip to main content
  • Skip to footer
  • (216) 592-2332
Facebook Linkedin Twitter
Inquire Now!
Small business loan resources in ohio
  • About Us
  • Programs
    • SBA 504 Loan Program
    • Community Advantage
  • Community
    • Events
    • Event Photo Gallery
  • Small Business Resources
  • Contact Us
  • Blog
Menu
  • About Us
  • Programs
    • SBA 504 Loan Program
    • Community Advantage
  • Community
    • Events
    • Event Photo Gallery
  • Small Business Resources
  • Contact Us
  • Blog
Search
Close

New growth for women business owners, says Small Business Administration

Recent figures have shown growth for small-business loan recipients.

You are here: Home / Resources / New growth for women business owners, says Small Business Administration

November 9, 2016 by boardmember1 Leave a Comment

On Oct. 31, the Small Business Administration announced a series of promising statistics for the 2016 fiscal year. These numbers were encouraging not just in a broad sense but also specifically for women entrepreneurs, since they show a steady growth in the amount of money lent to them. Overall, the organization noted several instances of what it called “record-setting lending.”

In the previous fiscal year, women-owned businesses obtained $253 million in 7(a) loans from the SBA, the source said. The 2016 figures jumped up dramatically to around $7.3 billion. Minority business owners also did well, with the total amount of 7(a) and 504 loan money totaling $8.65 billion. Overall, these two programs were responsible for $28.9 billion in support for small businesses.

Though the number of approved microloans has fluctuated in recent years, the numbers for community advantage loans have seen huge advances, from just 15 approved in FY11 to 987 in just five fiscal years.

alttextSmall business owners have much to gain based on recent figures.

All of these areas may have seen similar gains, but it’s important to remember that they come with different conditions and applications. For example, the 504 financing program can apply to companies in the medical sector in addition to manufacturing, industrial and service entities.

While these last three are also eligible for a Community Advantage loan, medical businesses are not. These two programs also have different possible uses, with only the Community Advantage offering debt refinancing options.

Even in the areas where the two overlap, some businesses may be more suited to one or the other based on their primary characteristics. The 504 program also has a list of several qualities which make applicants ineligible, which you can read on our site.

Register with our mailing list here to find out more about how to get an SBA loan.

Resources female business owner,  female entrepreneur,  funding for women business owners,  loans for women in business,  small business funding,  women in business

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Social

Follow along on social media.

Contact

IMG Center
1360 East Ninth Street, Suite 950
Cleveland, Ohio 44114

  • Get Directions
  • (216) 592-2332
  • Contact

Navigation

  • Have A Loan?
  • Small Business Loan Programs
  • Loan Calculator
  • Community
  • Small Business Resources
  • Annual & Loan Activity Reports
  • Blog
  • Our History
  • Events
  • Contact Us
  • Have A Loan?
  • Small Business Loan Programs
  • Loan Calculator
  • Community
  • Small Business Resources
  • Annual & Loan Activity Reports
  • Blog
  • Our History
  • Events
  • Contact Us

Newsletter

Stay up to date by subscribing to our newsletter.
Click here to sign up

© Copyright 2022 Growth Capital Corp · All Rights Reserved · Website designed by Jennasis & Associates