SBA-backed Loans Supported Wisconsin Small Businesses with More Than $658 Million to Start and Grow in FY23
MILWAUKEE – The U.S. Small Business Administration recently announced that the SBA delivered $50 billion in capital, disaster relief, and bonding to small businesses and disaster-impacted communities across the U.S. in Fiscal Year 2023 (FY23). More than $658.6 million of those dollars helped Badger State small businesses start and grow via 1233 SBA-backed loans.
“SBA-supported lending contributes vital capital to Wisconsin’s small businesses with longer terms and other benefits,” says SBA Wisconsin’s District Director Eric Ness. “With more than 457,000 small businesses in Wisconsin and more than 170 SBA-approved lenders, there’s capacity for growth as businesses become ready for it. During Mentor Month in January, I’d also like to mention SBA’s extensive network of partners who can advise entrepreneurs as they prepare to take on financing and successfully manage it.”
Wisconsin FY23 SBA Lending by the Numbers
- SBA 7(a) loans: 964 loans/$482.1 million
- SBA 504 loans: 183 loans/$174.9 million
- SBA microloans: 86 loans/$1.7 million
The SBA’s flagship 7(a) program in Wisconsin approved a slightly higher number of loans (964) for a slightly lower dollar amount ($482.1 million) compared to FY22’s 958 loans totaling $500 million. After a banner year for 504 loans in FY22 due in part to low fixed interest rates and refinances, there was a significant decline from 387 loans in FY22 to 183 in FY23 and a decline of $113 million from the FY22 figure of $287 million as interest rates increased.
The number of micro-loans made by the six SBA micro-loan intermediaries operating in Wisconsin increased over FY22, with 86 loans made for $1.7 million compared to 74 loans for $1.5 million last year.
Of the total loan portfolio volume, 37.3%, or more than $31.3 million, consisted of loans $150,000 or less. In FY22, 33% of loans, or more than $29.5 million, were $150,000 or less. Startup businesses made up 40% of the portfolio in FY23, compared to 36% in FY22.
Top Wisconsin SBA Lenders
The SBA’s Wisconsin office will present 16 awards to 14 lenders based on loan volume and other criteria (see below) at the Wisconsin Lenders’ Conference in May. Of note:
- First American Capital Corporation, a Native American-owned SBA micro-lender, will receive the top micro-lender recognition for the first time since joining the program in 2007.
- Three lenders will receive multiple awards: United Midwest Savings Bank, N.A. for volume lending in its asset category and for the most SBA 7(a) loans to veterans; Hiawatha National Bank for volume lending and for the most loans to rural small businesses; and Summit Credit Union, for the most 7(a) loans by a credit union and the greatest lender participation with 504 loans.
FY2023 Wisconsin SBA Volume Lender Awards
| Asset Size | Lender | Main Office | # of Loans | Dollar Amount |
|---|---|---|---|---|
| ≤ $100 million | Park Bank National Association | Holmen | 4 | $795,000 |
| > $100 million - $200 million | Cleveland State Bank | Cleveland | 6 | $1,442,000 |
| The Bank of Kaukauna | Kaukauna | 6 | $563,300 | |
| > $200 million - $300 million | Ergo Bank | Markesan | 2 | $1,051,700 |
| > $300 million - $400 million | American National Bank-Fox Cities | Appleton | 14 | $2,231,800 |
| > $400 million - $500 million | United Midwest Savings Bank, National Association | De Graff, OH | 9 | $1,350,000 |
| > $500 million - $1 billion | Hiawatha National Bank | Hager City | 45 | $18,849,400 |
| > $1 billion - $5 billion | Bank First | Manitowoc | 39 | $13,684,500 |
| > $5 billion | U.S. Bank, National Association | Cincinnati, OH | 70 | $10,679,700 |
| Lender with Highest Dollars Approved in FY23 | Old National Bank | Evansville, IN | 31 | $31,966,300 |
FY2023 Wisconsin SBA Specialty Lender Awards
| Category | Lender | Main Office | # of Loans | Dollar Amount |
|---|---|---|---|---|
| Credit Union With Most 7(a) Loans Approved | Summit Credit Union | Cottage Grove | 34 | $7,419,600 |
| Lender With Most Veteran 7(a) Loans Approved | United Midwest Savings Bank, National Association | De Graff, OH | 4 | $600,000 |
| Lender with Most 7(a) Rural Loans Approved | Hiawatha National Bank | Hager City | 20 | $15,686,300 |
| Lender With Most 504 Loan Participations | Summit Credit Union | Cottage Grove | 14 | $15,838,826 |
| CDC With Most 504 Loans Approved | WBD, Inc | Madison | 152 | $139,309,000 |
| Community Advantage Lender With Most Loans Approved | Wisconsin Women's Business Initiative Corporation | Milwaukee | 37 | $5,905,000 |
| Intermediary With Most Microloans Approved | First American Capital Corp. | Hales Corners | 21 | $278,172 |
A complete list of Wisconsin’s SBA-approved lenders, along with daily updates and history on 7(a) and 504 SBA lending activity in Wisconsin, is available on the SBA Wisconsin website at www.sba.gov/wi under “Doing Business in our Area”.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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, 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.