Balboa Capital, a division of Ameris Bank that specializes in equipment financing and small business loans, announced the results from its survey that asked small business owners about their Small Business Administration (SBA) loan borrowing practices and volumes in 2022. Of the respondents, one in three small business owners applied for SBA loans in 2022, and 61.9 percent of SBA loan requests were approved. The survey was sent to a sample of small business owners nationwide during the first two weeks of 2023.

“Small businesses drive local and regional communities and the national economy, and their growth and success depend on access to capital,” said Kevin Umeda, Vice President, Director of Sales Administration at Balboa Capital. “While several small funding options are available for small business owners, we wanted to gauge the demand for SBA loans in 2022. Beyond evaluating demand for these loans, our survey speaks to businesses’ interest in the various types of SBA loans out there and the approval rate among respondents.”

Balboa Capital’s survey reveals that one in three small business owners (31.25 percent) applied for SBA loans in 2022. The most popular types of SBA loan products that small business owners applied for in 2022 included Standard 7(a) loans (30.43 percent), SBA Express Loans (26.09 percent), and CDC/504 loans (21.74 percent). Among small business owners who applied for SBA loan products, 61.90 percent of loan requests were approved, 23.81 percent were denied, and 14.29 percent are still being reviewed/processed. Regarding the amount of SBA funding requested, 63.64 percent of small business owners requested up to $499,999, 31.82 percent requested between $500,000 and $999,999, and 4.55 percent requested over $1 million.