FOR IMMEDIATE RELEASE 

Media Contact
Janel Knight Trulear
janel@emccommunications.com
(617) 875-6581

Small business group: Record SBA lending shows power of expanding capital access for Main Street

Statement by Small Business for America’s Future Co-Chair Shaundell Newsome on new SBA lending data showing historic support for small businesses

WASHINGTON, D.C., Oct. 24, 2024—“The Small Business Administration’s record-breaking achievement of backing over 100,000 small business financings this year—the highest level in 15 years—demonstrates how expanding access to capital can drive small business growth and success. With $56 billion in total lending and new efforts to streamline federal contracting, these initiatives are opening doors for entrepreneurs to access the critical resources they need to start, grow and sustain their businesses.

“The dramatic increase in lending to historically underserved communities is particularly encouraging, with loans to Black-owned businesses tripling and lending to Latino-owned and women-owned businesses more than doubling since 2020. When small businesses have access to affordable capital and contracting opportunities, they can invest in their operations, create jobs, and build wealth in communities across the country.

“These impressive results show what’s possible when smart policies put the needs of small businesses first. We urge lawmakers to build on this momentum by continuing to support and strengthen programs that expand access to capital and opportunities for Main Street entrepreneurs. Small businesses are the backbone of our economy, and ensuring they have the resources to succeed is crucial for driving innovation, creating jobs and fostering economic growth in every community.”

About Small Business for America’s Future
Small Business for America’s Future is a national coalition of business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economy that works for small business owners, their employees, and their communities.