advancing inclusive prosperity at Awards Ceremony

DETROIT – During a ceremony at the Federal Reserve Bank in Detroit, the U.S. Small Business Administration (SBA) Michigan District Office honored some of the most active lenders across the state during the annual SBA Michigan Lender Awards Ceremony who provide capital to all Michigan small businesses in urban and rural areas, especially for women and owners from historically disadvantaged communities. Lenders in the following categories were recognized for their outstanding efforts during Fiscal Year 2022 (FY 22):

“This record supported lending volume occurred in our core SBA-backed loan programs which are designed to help small businesses start, grow, build and expand,” said White-house appointed SBA Great Lakes Regional Administrator Geri Aglipay. “More funding is flowing to American small businesses due to the historic bi-partisan policies created under the Biden-Harris Administration and the President’s commitment to strengthen equitable access to capital through the SBA’s affordable funding, no-cost resources, confidential business counseling and programs in order to build generational wealth and community prosperity.” 

“During FY 22, the SBA helped Michigan entrepreneurs access over $981 million through our traditional 7(a) and 504 loan programs,” SBA Michigan District Director Laketa Henderson continued.  “We couldn’t have achieved these record numbers and get more capital into the hands of Michigan small business owners without the hard work and dedication of our SBA lending partners .  As a native Michigander, I look forward to the continued growth of this collaborative partnership to increase thriving small businesses that help support Michigan economic development and inclusive prosperity through entrepreneurship. 

During FY 22, the SBA approved 2,327 loans in the SBA’s traditional 7(a) and 504 loan programs supporting over $980 million entrepreneurs used to start, grow and expand their Michigan-based businesses. In the 7(a) program, 2,115 loans were made totaling $813,570,500 for Michigan businesses.  In the 504 program, 212 loans were made totaling $167,398,000.  

For more information on how the SBA can help you achieve their small business dreams, visit www.sba.gov/mi.  

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About SBA-backed loan programs

The SBA guaranteed loan program helps small businesses get loans by working with lenders to provide loans to small businesses.  Loans guaranteed by the SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital.  Despite significant progress in its traditional lending programs, the agency is acutely aware of gaps that persist for certain communities in accessing capital. The SBA’s existing loan programs serve an important role in credit markets for small businesses, particularly those with collateral and demonstrated revenue that are denied a loan by a commercial bank or often lack relationships with established lenders.  For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov. 

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.