Getting your Trinity Audio player ready...

The U.S. Small Business Administration announced the SBA delivered $56 billion in capital, disaster relief and bonding to small businesses and disaster-impacted communities across America in Fiscal Year 2024 (FY24). The total number of loans reached 1,963 in FY24, and total dollar amount of SBA backed capital increased, with $849 million of that capital making its way to Minnesota entrepreneurs. FY24 marks a nearly $50 million increase in SBA-backed capital in Minnesota, as compared to FY23’s total of $799 million.

“The uptick of SBA-backed capital indicates confidence in the American economy by small business owners,” said White House appointed-SBA Great Lakes Regional Administrator Geri Aglipay. “More small business owners in Minnesota and the region are receiving affordable capital to start and grow their business with the SBA, especially Black-owned, Hispanic/Latino-owned and women-owned. This is the result of SBA Administrator Isabel Casillas Guzman’s customer-centric loan reforms that advance the SBA’s commitment to expand equitable access to capital.”

According to the U.S. Small Business Administration Office of Advocacy 2024 Small Business Profile, 99.5% of the businesses located in Minnesota are small, employing 1.2 million workers. More Minnesota small businesses are opening than closing, which is generating new jobs for others across the state.