During the most recent fiscal year, the U.S. Small Business Administration guaranteed nearly $28.9 billion in 7(a) and 504 business loans, a record.

Those 70,000-plus loans helped support about 694,000 jobs, the SBA said.

The SBA’s most popular lending product, the 7(a), accounted for more than 64,000 loans and $24.12 billion of the total. That’s a 1 percent increase in the number of loans and a 2.6 percent gain in dollar amount from the previous fiscal year.

The SbA’s 504 loan, which is used for real estate and other major fixed-asset purchases, grew by more than 10 percent to $4.74 billion.

The size and number of SBA-guaranteed loans to women-owned businesses was up, too. There were more loans made to veteran-owned businesses as well.

SBA-backed microloans, typically for $500 to $50,000, grew by 14 percent in dollar value, rising from $53 million to $60.57 million. Microloan approvals increased by 18 percent.

The SBA also set a record for loans to small exporters, guaranteeing more than 1,800 loans and $1.5 billion in financing.

The SBA doesn’t directly lend money to private businesses in most cases. (Disaster loans are the exception.) Rather, the agency promises to pay off a certain percentage of the loan if an SBA-approved borrower defaults. That guarantee gives banks and other lenders more confidence to work with smaller companies.