The U.S. Small Business Administration (SBA) lending to Native-owned companies has increased under the Biden administration, according to information the agency shared Friday with Tribal Business News.
In fiscal 2023, the SBA backed 529 loans to Native-owned small businesses, marking a 70% increase from the 310 loans it made to Native businesses in fiscal 2020, according to the SBA data. Total loan dollars to Native-owned small businesses nearly doubled during the same period, surging from $140 million in fiscal 2020 to $278 million in fiscal 2023.
Still, the overall number of loans suggest a relatively low uptake of SBA loans given the total number of Native-owned businesses in the country. There are an estimated 341,000 American Indian and Alaska Native-owned businesses generating more than $39.7 billion in revenues, according to the most recent census data.
Continue reading about ways the SBA aims to increase support for Native entrepreneurs here.