SBA Highlights Economic Progress Under Trump
The U.S. Small Business Administration (SBA) has commended President Donald Trump for several economic achievements during the initial 100 days of his presidency. They believe that his newly implemented economic policies are fostering growth for small and medium-sized businesses across the nation.
According to the SBA, the 7(a) and 504 loan approvals have surged, showing an 80% increase. About 26,000 loans have been approved, totaling approximately $12.6 billion. This marks a noteworthy rise in small business formation and expansion. Notably, there’s been a 95% increase in loans for businesses with five or fewer employees—nearly 15,500 loans—along with a 56% rise for new startups (over 3,700 loans), and 74% of manufacturer loans (over 1,500 loans).
Additionally, for the first time in its history, the SBA has filled all regional manager positions within the first 100 days of the new administration.
“In just 100 days, President Trump has revitalized the optimism of our job creators with a growing economic agenda that has reduced inflation, encouraged job creation, and attracted unprecedented investment,” said SBA manager Kelly Loeffler. “The SBA is advancing this agenda, reflected in the significant increase in loan demand—an important indicator of small businesses’ confidence in employment and growth.”
“Part of a broader initiative to cut waste and enhance efficiency, the SBA has become a major driver for American workers and job creators. The results in just 100 days are quite telling,” she added.
During the initial days of the Trump administration, the SBA highlighted its first-day priorities, resulting in the following outcomes:
Increased Efficiency and Cost-Cutting
- General agency spending dropped by approximately $190 million.
- Over 120 contracts were either terminated or suspended, saving around $3 billion in the future.
- 47% of SBA leases have been terminated, consolidated, or transferred.
- The agency has announced a reorganization intended to reduce the SBA workforce by 43% and return to pre-pandemic levels by 2026, aiming for annual savings of $435 million.
Advancing Trump’s Agenda
- Initiated presidential initiatives to restore American industry control, job security, and promote the “Made in America Manufacturing Initiative.” This aims to reduce the $100 billion deficit, enhance access to capital, and support workforce development.
- Enacted President Trump’s executive orders, which included eliminating offices focused on diversity and updating collateral to reflect two genders.
Restoring Financial Responsibility
- The SBA has taken swift action to bolster fraud protection in its loan program by mandating that all applications include citizenship and date of birth information.
- Restored underwriting criteria and lender fees within the 7(a) loan program to maintain its zero-subsidy status, shielding taxpayers from financial risk and reversing previous mismanagement.
Disaster Relief Efforts
- More than 17,000 disaster loans have been approved, greatly surpassing totals from previous fiscal years, amounting to $2.4 billion. This includes significant allocations like $1.4 billion in Florida, $350 million in North Carolina, and $173 million in Georgia.
The SBA also announced plans for the National Small Business Week Virtual Summit, scheduled for May 6th to 7th. This free online event requires registration and will feature over 12 educational workshops, federal resources, and networking opportunities.
