SBA backed over 100,000 small business financings this year—the most in over 15 years
Today, Vice President Harris announced that the Small Business Administration (SBA) provided a record $56 billion through more than 100,000 small business financings in Fiscal Year (FY) 2024—the most in more than 15 years. The Vice President also announced new actions by the Biden-Harris Administration to cut red tape and expand access to Federal contracting opportunities.
In 2024, local jurisdictions have continued to leverage partnerships to catalyze SSBCI dollars. Efforts include:
- The Initiative for Inclusive Entrepreneurship (IIE): IIE is a public-private collaboration to ensure the equitable implementation of SSBCI. IIE’s initial 18-month pilot was incubated by Hyphen, a leading national public-private partnership accelerator. The initiative’s implementation partners include Aspen Institute’s Business Ownership Initiative, Founders First Capital Partners, JumpStart, Mission Driven Finance, Next Street, Nowak Metro Finance Lab, and Scale Link. Across IIE programs, the Initiative deployed over $10 million in direct funding and secured over $177 million in loans, loan matches, grants, and private capital. Additionally, Mission Driven Finance announced the Indigenous Futures Fund, combining a target of $25 million in credit and $2 million in grants to support Tribal SSBCI recipients. Starting in July 2024, the Milken Institute began serving as IIE’s new home.