COVID-19 relief options and additional resources
LEARN MORE Close

SBA’s Eastern Pa. Loan Program Shows Strong 1st Quarter Lending

More than half billion dollars in loans to Eastern Pa. small businesses last fiscal year; first quarter this year sees increase in total dollars loaned
Release Date: 
Thursday, January 26, 2017
Release Number: 
20170126-001
Contact: 
Robert Goza (610) 382-3084 | robert.goza@sba.gov

Eastern Pa.– Last fiscal year, more dollars were loaned to Eastern Pennsylvania small business borrowers through the U.S. Small Business Administration’s Advantage 7(a) Guaranteed Loan Program than any other year in the area’s history. In the first quarter of fiscal year 2017, compared to the first quarter of last fiscal year, total dollars loaned is up 16%.

"Last year, lending in Eastern Pennsylvania was very high for SBA’s flagship Advantage Loan Program – more than half a billion SBA-backed dollars were loaned to businesses in my District, which is great news for small businesses and the communities they serve. Capital is the lifeblood of small businesses for entrepreneurs starting or expanding a business, which is why creating access to capital is such an important role for our agency and in my District,” said Director Antonio (Tony) Leta, SBA Eastern Pennsylvania District. “The continued strength of SBA lending in Eastern Pennsylvania is a direct reflection of the strong relationships SBA enjoys with our lending partners as well as the success of our lender education and outreach efforts.”

In SBA’s efforts to help small businesses across the nation, lenders play an essential role. Through its lending partners, SBA-backed loans provide small businesses with access to capital that can cover the vast majority of business expenses, including short and long-term working capital, exports, and even refinancing existing debt under certain conditions.

SBA Advantage 7(a) Guaranteed Loan Program lending for the first quarter of fiscal year 2017 in the 40 counties of the Eastern Pennsylvania District is up 16% for $114,928,100 total dollars loaned. These loan dollars encompassed 340 total loans, leading to an average loan size of $338,024. During the first quarter of fiscal year 2016, the District saw 378 total loans for $99,334,300 total dollars loaned, with an average loan size of $262,789. In fiscal year 2016, SBA’s Advantage 7(a) Guaranteed Loan Program saw 1,532 loans totaling more than $512.2 million – resulting in the strongest year on record – compared to 1,324 loans for $437.3 million in fiscal year 2015. 

For more information on SBA Eastern Pennsylvania District loan volume, visit https://www.sba.gov/offices/district/pa/king-of-prussia/resources/sba-eastern-pennsylvania-district-loan-volume-report-fiscal-year-2017-10-1-2016-12-31-2016

###