SBA Achieves Historic Small Business Lending for Fiscal Year 2020

New York District Office - October


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SBA Loves Small Businesses, Valentine's Day

Administrator Jovita Carranza:

"Nearly nine million loans worth $750 billion stabilized small business sector and put it on the road to recovery"


 WASHINGTON – The U.S. Small Business Administration announced summary loan data of Fiscal Year 2020, which includes the financial assistance provided through traditional loan program lending as well as additional aid provided through the CARES Act.  Fiscal Year 2020 spanned October 1, 2019 through September 30, 2020.

Highlights from the PPP include:

  • 27% of the PPP loan dollars were made in low-and moderate-income communities which is in proportion to the percentage of population in these areas:
  • More than $133 billion, or 25%, of PPP loans were approved for small businesses in historically underutilized business zones (HUBZones); and,

Over $80 billion, or 15%, of total PPP dollars were approved to small businesses in rural communities.                                                    

“The SBA has mobilized the greatest public-private disaster response in modern history. The agency built and launched the largest economic response program aimed at small businesses in American history in just six days,” said SBA Atlantic & Mid-Atlantic Regional Administrator Steve Bulger, who oversees the federal agency’s operations throughout much of the East Coast.


SBA New York District Director Beth Goldberg, who leads the nation’s largest SBA field office serving metropolitan New York, pointed to Jill Tapia and her Manhattan-based Cornerstone Strategic Branding, as one woman-owned small business that has achieved success thanks to an SBA-backed 7(a) loan in the past year.

A previous 23-year employee of the company, Jill was able to purchase Cornerstone Strategic Planning when its previous male owners sought to sell. By leveraging a $1 million 7(a) loan from SBA-lending partner BNB Bank, Jill transformed the firm into a woman-owned small business small business employing 19 that helps create and produce brand identities for other companies, predominately in the food, beverage, candy and consumer packaging industries. Today, they count Nestle, Gorton’s, Red Bull, Mylanta, Nissin, Ferrara Candy Company and others among their clients.

“I needed more capital than I had and even after working there for so long, I had no idea how to make financing work for me. I had never thought I’d own my own business,” Tapia said.

In addition to 7(a) funds, Cornerstone Strategic Branding also was the recipient of a $500,000 Paycheck Protection Program loan that helped support the small business’ payroll and health benefits as the company quickly transferred to a remote work setting. Tapia, who calls the PPP a “lifesaver” that “really helped me during the time that I needed help the most” kept her entire workforce employed through state and local closures, with no layoffs and no reductions to salaries. They returned to their new office space on October 10.

“Jill Tapia utilized SBA’s traditional and COVID-19 programs to not only purchase and grow her business, but also pivot and recover from the adverse effects COVID-19 had on Metro New York. Jill is the epitome of an SBA success story, using the many financial resources the federal government makes available to entrepreneurs – in addition to her own creativity and tenacity - for her woman-owned small business,” Goldberg said.

Additionally, the SBA’s Microloan Program, which specifically helps businesses in underserved communities, achieved a second straight record year performance with nearly $85 million dollars going to over 5,800 small businesses. Thirty-four percent of microloans made in FY20 went to Black-owned small businesses.



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 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