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SBA’s Eastern Pa. Loan Program Shows Strong 3rd Quarter Lending Central Pa.

Central Pa. sees increase in 3rd quarter compared to last year’s record-setting SBA 7(a) lending; More than half billion dollars in loans to Eastern Pa. small businesses last fiscal year
Release Date: 
Wednesday, July 19, 2017
Release Number: 
20170719-001
Contact: 
Robert Goza (610) 382-3084 | robert.goza@sba.gov

HARRISBURG, Pa. – The U.S. Small Business Administration’s 7(a) Guaranteed Loan Program has loaned more money in the Central Pennsylvania area at the close of the third quarter of fiscal year 2017, compared to the same time frame during last fiscal year’s record-breaking lending. Fiscal year 2016 was the highest year for dollars loaned in the agency’s history across the 40 eastern counties of SBA’s Eastern Pennsylvania District.

SBA’s 7(a) program lending partners loaned more dollars to small businesses through the third quarter in Central Pennsylvania (in the counties of Adams, Cumberland, Dauphin, Franklin, Huntingdon, Juniata, Lancaster, Lebanon, Mifflin, Northumberland, Perry, Snyder, Union and York counties). SBA 7(a) lending in the area is up 3% in the number of loans and 23% in dollars loaned compared to the same time period last fiscal year.  Through the third quarter of fiscal year 2017, which ended June 30th, the Central Pennsylvania area saw 225 loans for $88.5 million with an average loan size of $393,605 in SBA’s 7(a) program, compared to 219 loans for $72 million with an average loan size of $328,832 during the same period last year.

Last fiscal year, more dollars were loaned to SBA’s Eastern Pennsylvania District small business borrowers through the 7(a) program than any other year in the area’s history.  In the third quarter of fiscal year 2017, compared to the third quarter of last fiscal year, total dollars loaned is up 9%. 

“SBA lending in Eastern Pennsylvania continues to be robust and is a direct reflection of the strong relationships we have developed with our lending partners,” said Antonio (Tony) Leta, Director of SBA’s Eastern Pennsylvania District. "Our numbers this year continue to outpace last year, when we celebrated record lending in our District with more than half a billion SBA-backed dollars loaned to small businesses. Capital is essential for small business success and growth, so ensuring access to capital is a very important role for our agency and in my District.”

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’s 7(a) program lending for the third quarter of fiscal year 2017 in the 40 counties of the Eastern Pennsylvania District is up 9% for $390,241,100 total dollars loaned. These loan dollars encompassed 1,087 total loans, leading to an average loan size of $359,007. During the third quarter of fiscal year 2016, the District saw 1,092 total loans for $358,238,800 total dollars loaned, with an average loan size of $328,058. In fiscal year 2016, SBA’s 7(a) 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. 

Through the third quarter the agency’s 504 Certified Development Company Loan Program, which provides long-term fixed-rate financing for major fixed assets such as land and buildings is also up 16% across the District, with 59 loans totaling $47.3 million in eastern Pennsylvania, up from 51 loans for $40.3 million dollars. 

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