Arizona Businesses Received $913 Million in SBA Funding in 2024

inbusinessPHX.com

Small businesses are the backbone of Arizona’s economy, and a new study from LendingTree highlights just how crucial Small Business Administration (SBA) loans are to their success.

Arizona’s businesses are leading the pack when it comes to SBA loans. In fiscal year 2024, 1,533 businesses in the Grand Canyon State secured $913 million in SBA loans, averaging $595,553 per loan – the 8th highest average loan amount in the nation. Trailing Arizona in securing funding are Wyoming ($584,965) and California ($584,094).

This study not only breaks down national SBA loan trends but also reveals state-level data, offering a clear picture of how funding is impacting local communities.

Other key takeaways

The U.S. Small Business Administration (SBA) provided $37.8 billion in 7(a) and 504 funding in fiscal year 2024. That’s an increase from $33.9 billion in fiscal year 2023 and $34.9 billion in fiscal year 2022. In fiscal year 2024, the average 7(a) loan was $443,097, while the average 504 loan was $1.1 million.
Accommodation and food services was the industry that received the highest share of SBA 7(a) and 504 loan amounts. The industry received 16.7% of 7(a) and 22.1% of 504 funding in fiscal year 2024 — the highest across both loan types. Retail trade and health care and social assistance were the next two across both loan types, switching orders.
Companies owned by men received 73.8% of 7(a) and 71.2% of 504 loan funding. That translates to $23.0 billion and $4.7 billion in fiscal year 2024 funding, respectively.

The full report can be found here.

“SBA loans are more than just funding,” says Matt Schulz, LendingTree’s chief credit analyst. “They’re lifelines for small businesses in Arizona, especially in underserved areas. With the right support, these businesses can thrive and drive local economies forward.”