Oklahoma’s entrepreneurial climate remained strong this year despite the economic impact of the COVID-19 pandemic. The total amount of SBA loan guarantees was for $423.4M, which is a $154.4M increase from fiscal year 2020.
The number of SBA guaranteed loans also increased – there were a total of 673 loans approvals this fiscal year compared to 536 last fiscal year. These loans were made through banks, credit unions and certified development companies.
The FY2021 Regular Program loan totals for the Oklahoma District Office were:
- 7(a) Loan Program: 590 loans approved for $423,065,700
- 504 Loan Program: 63 loans approved for $40,309,000
- Microloan Program: 20 loans approved for $338,950
The federal government funded loans for eligible businesses affected by the Chinese coronavirus pandemic, funding both the Paycheck Protection Program (PPP) loan program and COVID-19 Economic Injury Disaster Loan (EIDL) Program loans.
Oklahoma’s banks, credit unions and other lending institutions were quick to act on two rounds of funding for the Paycheck Protection Program, making almost 91K PPP loans totaling over $2.9B.
The FY2021 CARES Act loan totals for the Oklahoma District Office were:
- Paycheck Protection Program: 90,821 loans for $2,927,281,933
- SBA COVID-19 EIDL Program: 33,490 loans for $2,488,272,577
The total lending activity for Oklahoma in FY21 was 124,984 loans for $5,838,620,210.