News Summary
Arizona has emerged as a significant player in the SBA loan landscape, securing nearly $4 billion in loans from 2021 to 2024. With 5,293 approved loans averaging $699,343, the state’s robust borrowing indicates a strong demand for capital among local businesses. While Georgia leads national loan borrowing, Arizona’s ranking as the sixth highest reflects a proactive approach by businesses to invest amid economic challenges. The data reveals trends in borrowing behaviors, emphasizing the importance of federal loan programs for fostering growth and resilience in the state’s economy.
Arizona businesses have successfully secured nearly $4 billion in Small Business Administration (SBA) loans from 2021 through 2024, ranking the state as the sixth highest in the nation for SBA loan borrowing. A total of 5,293 SBA loans were approved during this period, with an average loan amount of $699,343. This substantial financial support reflects the ongoing demand for capital among local businesses striving for growth amid challenging economic conditions.
Georgia took the lead in national SBA loan borrowing, notching an impressive average loan amount of $795,216 across 8,099 approvals, amounting to a total of $6.4 billion. Texas and California rounded out the top three ranks, with average loan amounts of $770,887 and $765,968, respectively. California, however, reported the highest total loan approvals with 31,610 and an overall loan value of $24.2 billion.
In addition to Arizona, other states showed notable borrowing patterns. Alaska, for instance, reported an average loan amount of $725,285, and North Carolina closely followed with $722,981 per loan. Louisiana, Nevada, Alabama, and Utah also featured averages under $700,000, with loan amounts ranging from $663,950 to $630,412. Conversely, Maine was identified as the state with the lowest average loan amount at $272,290.
The figures derived from this recent study indicate a significant regional difference in borrowing behaviors, particularly with Southern states displaying higher average loan amounts. Analysts suggest that the trend of larger loans may be indicative of business investments aimed at growth rather than a sign of financial distress, which is a positive observation for Arizona’s economic landscape.
Three types of SBA loans were reviewed in the study, highlighting their utility for businesses seeking to foster expansion and sustainability. As companies navigate ongoing economic pressures, access to capital remains critical to maintaining operations and pursuing future opportunities. Recent data underscores the importance of federal loan programs in providing necessary support for entrepreneurs aiming to thrive in Arizona and beyond.
The findings from this study not only paint a picture of where Arizona stands in the national ranking of SBA loan borrowing, but also reflect how local businesses are responding to financial challenges with proactive investments—an encouraging sign for the state’s economic outlook moving forward.
Deeper Dive: News & Info About This Topic
- AZ Central: Loans Available for Arizona Businesses
- KTAR: Relief for Arizona Businesses Affected by Wildfires
- Arizona Free News: Arizona Businesses Rank Among Top Borrowers
- Flagstaff Business News: Funding Your Business in Flagstaff
- Encyclopedia Britannica: Business Loans
Author: STAFF HERE PHOENIX WRITER
PHOENIX STAFF WRITER The PHOENIX STAFF WRITER represents the experienced team at HEREPhoenix.com, your go-to source for actionable local news and information in Phoenix, Maricopa County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Waste Management Phoenix Open, Cactus League Spring Training, and Arizona State Fair. Our coverage extends to key organizations like the Greater Phoenix Chamber of Commerce and Visit Phoenix, plus leading businesses in technology and healthcare that power the local economy such as Intel and Banner Health. As part of the broader HERE network, including HERETucson.com, we provide comprehensive, credible insights into Arizona's dynamic landscape.
