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U.S. Small Business Administration celebrates 70 years in operation; records $30 billion given to NC small businesses for pandemic protection

By Faith Hatton, posted Aug 9, 2023 on BizFayetteville.com

Photo courtesy of SBA

On July 30, 2032 the U.S. Small Business Administration (SBA)  celebrated seven decades of service to America's small businesses. 

Since 1953, the SBA has been a resource to small business owners to help them start, support and maintain their businesses throughout all economic climates and most recently during the COVID-19 Pandemic. 

In the two and half year pandemic period, over $30 Billion dollars was distributed to over half a million small businesses and qualified nonprofits across North Carolina. 

That funding came through COVID relief programs passed by Congress and the SBA which came in the form of Paycheck Protection Program (PPP) forgivable loans, direct government loans referred to as COVID Economic Injury Disaster Loans and grant funding which ranged between $5,000- $10,000. 

“Under our targeted advance programs, we were able to help scores of restaurants stay open through our restaurant revitalization fund and we were also able to help scores of shuttered venues stay resilient so they could continue to endure while business activity had shut down. So all told, a total of half a million different organizations and businesses were served by over $30 billion in funding,” shared North Carolina SBA District Director Mike Arriola.

One of the most utilized services offered by the organization are their SBA loans, which Arriola shared has also seen record numbers of utilization in recent years, particularly in 2021. 

“Our regular loan programs have also been very robust in 2021, in the midst of the pandemic, while we were giving out those PPP loans and other sources of funding, the SBA in North Carolina posted a record of regular loans being given out to small businesses. For the first time we've seen $1 billion in regular loans, non COVID related funding, for folks to get working capital to purchase fixed assets and such. That $1 billion lending record mirrors the record of new business filings for the state of North Carolina,” shared Arriola. “During that year, 2021 there were 178,300 new business filings for the state of North Carolina. That was a record and represented a 40 percent increase over what was already a record in 2020.” 

Arriola shared that while that record probably won't be repeated for the current fiscal year that began in 2022, the total amount of SBA loans distributed country wide is trending towards $700 million. New relaxed loan policies are being implemented to make it easier for businesses to get funding and become SBA lenders. 

“We have made a lot of changes to our SBA loan policies and it's all with a view of generating more access to capital to our small business owners. We've kind of relaxed some of our rules on affiliation, which has been traditionally a very big issue with the SBA. You can have a business, but you can also have affiliates. But if you kind of count them all together, then they may or may not be eligible for small business loans. We've kind of relaxed and clarified some of those a little bit. We're looking to sign up non-banking companies, as SBA lenders and so we're looking to do that going forward just as a means of spurring more capital to our small businesses and those are happening at the national level,” said Arriola. 

Since its founding, the SBA has expanded the help it provides. SBA's programs now include help with management, as well as financial and federal contract procurement. SBA provides specialized outreach to women, minorities, and armed forces veterans. SBA loans are available to victims of natural disasters. The agency also offers specialized advice and support in international trade.

Currently, the SBA North Carolina District Office is making a conscious effort to increase outreach with the communities they service to help make business owners aware of the resources and resource partners available across the state.  

Fayetteville is one city in North Carolina that has physical locations for all the SBA  partner programs. 

Partners include: 

The Small Business Technology and Development Center at Fayetteville State University which is equipped with full time paid counselors that can help those looking to expand their business, 

The SBA SCORE Business Mentoring program, located at 230 Hay Street which works to provide mentors to small businesses. That same address also belongs to the Women's Business Center, dedicated to helping and providing resources to women and underserved communities.  Finally, the Veterans Business Outreach Center at Fayetteville State University located inside of the Fayetteville- Cumberland Regional Entrepreneurship and Business HUB is committed to helping make your business better. 

Small Business owners in counties in the Greater Fayetteville Business Journal’s coverage areas have a record of utilizing SBA resources. 

According to Arriola, from Oct. 1, 2022 to July 31, 2023 there were a total of 27 SBA loans totaling $16.6 million, with most of those loans going to recipients in Cumberland County. 

Over the entirety of the GFBJ’s seven county coverage area, a total of 62 loans were disbursed totaling $102.4 million

“In recognition of our 70th anniversary, one question I get from folks very often is, ‘Is now the time is now a good time to start a business?’ And so that I will respond: Every day is a good day to start a business particularly when you're armed with a knowledge of what the SBA can do to support and to help you. Whether that's in the area of financing, or through the many counseling and training partners that we sponsor,  any day would be a good day to start a business. There's no shortage of customers in whatever industry it is that you have to do a vision. So we're ready and able to assist to take us forward to the next 70 years and beyond,” concluded Arriola. 

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