The U.S. Small Business Administration released its Fiscal Year 2020 loan data covering both their traditional loan programs as well as aid provided via the CARES Act. The total exceeded $28 billion nationwide.
The CARES Act dramatically increased the government agency's loan volume. In FY20, the Paycheck Protection Program (PPP) provided an additional 5.2 million loans worth more than $525 billion; the Agency’s Economic Injury Disaster Loan (EIDL) Program added another 3.6 million small business loans valued at $191 billion, and there were an additional 5.7 million EIDL Advances worth $20 billion.
In NH, disaster assistance and recovery programs provided small businesses, non-profits, and faith-based organizations nearly 25,000 PPP loans in partnership with participating lenders, totaling over $2.5 million, and the SBA direct Economic Injury Disaster Loan program provided an additional 11,380 loans worth nearly $680 million.
“We are extremely grateful to our lending partners who worked in concert with our office to deliver this much-needed assistance to our small business community. It truly offered a lifeline to so many businesses and organizations. Although we showed special recognition to specific lenders for the results they achieved, we could have easily given each of our lender partners an award for their amazing contributions, hard work, and dedication to the SBA lending programs,” said Rachael Roderick, acting director for SBA NH.
For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.