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SBA’s Eastern Pa. District Loan Programs See Strong Start - Greater Lehigh Valley

Greater Lehigh Valley sees first quarter increase in SBA small business lending over record-breaking FY2017
Release Date: 
Monday, January 29, 2018
Release Number: 
20180129-003
Contact: 
Robert Goza (610) 382-3084 | robert.goza@sba.gov

ALLENTOWN, Pa. – The U.S. Small Business Administration Eastern Pennsylvania District’s loan programs lent more dollars to small businesses this year through the first quarter of fiscal year 2018, beginning Oct. 1, 2017 and ending December 31, 2017 compared to the first quarter of fiscal year 2017. Fiscal year 2017 was the highest year for dollars loaned in the agency’s history across the 40 eastern counties served by SBA’s Eastern Pennsylvania District.

SBA’s 7(a) program lending partners provided more loans during the first quarter of fiscal year 2018 to small businesses in the Greater Lehigh Valley area (in Berks, Carbon, Lehigh, Northampton, and Schuylkill counties). SBA 7(a) lending in the area is up 18% in number of loans, compared to the same time period last fiscal year. Small businesses received 52 loans for $16.6 million from Oct. 1, 2017 to Dec. 31, 2017, with an average loan size of $320,439. In quarter one of fiscal year 2017, the Greater Lehigh Valley area saw 44 loans for just over $17 million with an average loan size of $387,618 in SBA’s 7(a) program.

"Lending in the first quarter is even stronger than last year, when lending in our District was at an all-time high for SBA’s flagship 7(a) program. This is fantastic news for small businesses and their communities. Ensuring access to capital for small businesses is a very important role for SBA and in my District, because capital is essential for small business success,” said Director Antonio (Tony) Leta, SBA Eastern Pennsylvania District. “The continued growth of SBA lending in Eastern Pennsylvania reflects the robust relationships SBA enjoys with our lending partners, as well as the success of our lender education 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’s 7(a) program lending through the first quarter of fiscal year 2018 in the 40 counties of the Eastern Pennsylvania District is up 30% in number of loans and nine percent in loan dollars with a total of 442 loans for $125.1 million, leading to an average loan size of $283,013. During quarter one of fiscal year 2017, SBA’s 7(a) program saw 340 loans totaling more than $114.9 million. 

In quarter one of fiscal year 2018 the agency’s 504 Certified Development Company Loan Program, which provides growing businesses with long-term fixed-rate financing for major fixed assets such as land and buildings is also up nine percent in dollars loaned across the District, with 18 loans totaling just over $19 million in eastern Pennsylvania, compared to 21 loans for $17.5 million dollars. 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-7a-loan-volume-report-10-1-2017-thru-12-31-2017

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