The U.S. Small Business Administration backed nearly $35 billion in loans during the 2023 fiscal year, the federal agency announced.

The SBA provided another $670 million in disaster assistance for small businesses as well as $670 million in export-related trade financing.

“Starting and running a business takes tremendous grit and determination, but it also takes capital — something too many enterprising Americans have historically been unable to obtain equitably and affordably,” said SBA Administrator Isabel Casillas Guzman.

“In Fiscal Year 2023, the SBA transformed its lending and investment programs and expanded its capital partners to deliver nearly $50 billion in startup, growth and recovery capital as well as surety bonds, including more small business lending to people of color, women and veterans,” Guzman said. “As we build on our progress, the SBA will continue to prioritize reforms that will help level the playing field to further the small business boom.”

The SBA backed more than 57,330 loans worth a total of $27.5 billion through its 7(a) general guarantee program offering financing for equipment, land and working capital.

The SBA backed another 5,900 loans worth a total of $6.4 billion through its 504 program for acquiring buildings, land, equipment and other fixed assets.

The SBA doesn’t make direct loans through its 7(a) and 504 programs. By guaranteeing repayment of a portion of the loans, however, the agency enables lenders to extend financing to businesses that might not qualify under conventional terms.

In addition, $87 million in microloans were issued to more than 5,500 small businesses.

Small business investment companies provided $8 billion in funding through private debt and equity funds.

Along with the lending numbers, the SBA reported it provided a total of $670 million in disaster assistance to 5,200 small businesses during the 2023 fiscal year.

The SBA underwrote a total of $670 million in export-related trade financing through the export express and international trade term loans and export working capital portfolio.