The Small Business Administration has been working to broaden access to its 7(a) lending program — but data shows there’s a long road to level the playing field for women-owned businesses.
While women-owned businesses accounted for about 38% of American businesses, they were approved for about 32.6% of SBA 7(a) loans in fiscal year 2023 . But the share of loans approved for businesses majority-owned by women stood at just 21.2%
The rate of improvement in recent years is mixed. In 2022, about…
