With cash flow having such an impact on a business’s chances of survival, securing the right funding and enough of it is essential. The following SBA lending statistics could enlighten you on some of your options.
General Small Business Loan Statistics 2023
Small Business Loan Statistics by Industry 2023
Small Business Loan Demographic Statistics 2023
Small Business Loan Application Statistics 2023
Small Business Lending Trends 2023
What is the success rate of an SBA loan?
General small business loans have a success rate of 57%, whereas SBA loans have an approval rate of 52%. However, there are factors that can affect these numbers, such as the location of the applicant, race, gender, and the type of bank used.
How many SBA lenders are there in the US?
In January 2021, across 49 states there were 144 active microloan intermediaries. If you want to know the intermediary in a particular state, you can use the microloan list of the lender’s search tool on the SBA website.
How much debt does the average small business have?
According to the US Today, the average small business owner has approximately $195,000 of debt.
What industry is the most common financier of SBA loans?
The top five highest-volume industries, defined as the number of applications submitted and approved are as follows:
Full-service restaurants 28,680 Limited-service restaurants 19,141 Dentists 10,699 General trucking and freight 8,959 Hotels 8,618
Conclusion
Small businesses across the United States are choosing SBA loans for funding. Once they’ve received it, it’s put to good use for growing their business. Now you know a little bit more about it, you’re in a good position to apply yourself. The chances of you securing some or all of your funding are in your favor, so go ahead and give it your best shot. Sources: Fundera Zippia Finder Become FinImpact Forbes About
