Small Business Administration data shows surge of loans to minority-owned businesses

The Small Business Administration has been helping power small, local businesses, in the Carolinas and across the country.

New data from the SBA shows a major increase in loans to Black-owned businesses is creating more opportunities.

“It’s relatively phenomenal growth,” Michael Arriola with the SBA said.

Since 2020 the number of loans to minority-owned businesses has more than doubled, going from 3.5% to 7.5%.