As interest rates continue to increase and fears of a recession loom, it is becoming harder for some small businesses to get financing.
However, one very good option remains: the U.S. Small Business Administration. Thanks to a slowing economy, SBA loans have been growing in popularity. In 2022 the agency approved about 57,000 loans totaling $35 billion, with about $1 billion specifically in Illinois and the numbers are already increasing so far in 2023.
