SBA Lending Reaches Historic $1 Billion Milestone in Seattle District

Image of a graph with the following text, small business lending for fiscal year 2021

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Overall funding and impact:

Nearly $1.3 billion in funding went to small businesses through 1,701 traditional loans for fiscal year (FY) 2021 in the SBA Seattle District, which serves Washington state (minus the four counties in southwest Washington served by the Portland District) and northern Idaho. Nationally, $44.8 billion through more than 61,000 loans went to small businesses.

Seattle District lending highlights include:

$1.1 billion in 7(a) loans went to 1,701 small businesses. Lenders reported that minority business owners received $425.7 million representing 38.7% of 7(a) loans in the district. Women-owned businesses received $187.4 million, and veteran-owned businesses received $43 million.
$197 million in 504 loans went to 215 small businesses. Minority business owners received more than $45.5 million representing 23% of 504 loans in the district and $6 million to women-owned businesses.
$1.1 million in microloan funding went to 104 small business. 54% of microloans went to underserved communities including Asian-owned, Hispanic-owned, and Black-owned small businesses.

Addressing equity challenges that persist throughout the small business economy:

Despite significant progress in its traditional lending programs, the agency is acutely aware of gaps that persist for certain communities in accessing capital. Addressing the systemic gap in access to capital for the smallest and underserved businesses has been Administrator Guzman’s north star and will continue to be a top SBA priority in FY 22 and beyond.

SBA Administrator Isabella Casillas Guzman visited the Seattle District on Oct. 18 and 19.

Administrator Guzman and Seattle Mayor Jenny Durkan visited Balageru International Mart, Beach Bakery, Life’s Salon, and Rose Street Auto in the Rainier valley that were impacted by COVID-19 pandemic followed by a tour of Washington Machine Works, a full-service machine and metal fabrication shop in the Georgetown Industrial area.

A trip to Seattle wouldn’t be complete without a stop at Seattle’s historic Pike Place Market. Administrator Guzman visited the Ventures Marketplace, a business incubator space for retail clients of Ventures Nonprofit. The last stop on her visit was to Pike Place Fish Market where she was given the opportunity to catch a fish.

The Seattle District Office is looking for an experienced contracting professional who is passionate about helping small businesses grow in federal procurement.

As a Business s Opportunity Specialist in our Seattle or Spokane office, you will provide advice, counseling, and training to small businesses to educate and assist them with federal certifications, marketing to federal agencies, pursuing federal contracts, and managing a portfolio of 8(a) firms.