The Small Business Administration (SBA) offers a variety of loan programs to help small businesses access the financing they need to start, grow, and succeed. These loans are provided through participating lenders, such as banks, credit unions, and non-profit organizations.
According to data from the SBA, the top industries receiving SBA loans in recent years include:
- Accommodation and food services: This industry includes businesses such as hotels, motels, restaurants, and other food service establishments. In 2020, this industry received approximately $20.6 billion in SBA loans.
- Health care and social assistance: This industry includes businesses such as hospitals, nursing homes, and home health care services. In 2020, this industry received approximately $18.3 billion in SBA loans.
- Professional, scientific, and technical services: This industry includes businesses such as legal, accounting, insurance, and consulting firms. In 2020, this industry received approximately $13.5 billion in SBA loans.
- Retail trade: This industry includes businesses such as clothing stores, department stores, and electronics stores. In 2020, this industry received approximately $12.7 billion in SBA loans.
- Manufacturing: This industry includes businesses that produce goods, such as furniture, clothing, and electronics. In 2020, this industry received approximately $12.2 billion in SBA loans.
- Construction: This industry includes businesses that build or remodel homes, buildings, and other structures. In 2020, this industry received approximately $11.7 billion in SBA loans.
- Real estate, rental, and leasing: This industry includes businesses such as property management companies and real estate brokers. In 2020, this industry received approximately $8.6 billion in SBA loans.
- Administrative and support services: This industry includes businesses such as temp agencies and janitorial services. In 2020, this industry received approximately $7.9 billion in SBA loans.
- Wholesale trade: This industry includes businesses that buy and sell goods in bulk, such as wholesalers and distributors. In 2020, this industry received approximately $7.7 billion in SBA loans.
- Transportation and warehousing: This industry includes businesses such as trucking companies, delivery services, and storage facilities. In 2020, this industry received approximately $7.3 billion in SBA loans.
Overall, SBA loans are widely available to small businesses in a variety of industries. These loans can help businesses overcome financial barriers and succeed in today’s competitive marketplace.