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SBA’s Eastern Pa. District Loan Program Sees Continued Growth - Central Pennsylvania

Central Pa. sees increase in SBA small business lending over record-breaking FY2017 through second quarter
Release Date: 
Tuesday, April 24, 2018
Release Number: 
20180424-002
Contact: 
Robert Goza robert.goza@sba.gov | (610) 382-3084

HARRISBURG, Pa. – The U.S. Small Business Administration Eastern Pennsylvania District’s 7(a) Guaranteed Loan Program lent more dollars to small businesses this year through the second quarter of fiscal year 2018, beginning Oct. 1, 2017 and ending March 31, 2018 compared to the second quarter of fiscal year 2017. Fiscal year 2017 was the highest year for 7(a) 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 for more dollars through the second quarter of fiscal year 2018 to small businesses in the Central Pennsylvania region (in 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 20% in number of loans and up 63% in dollars loaned, compared to the same time period last fiscal year. Small businesses received 147 loans for $84.7 million from Oct. 1 2017 to Mar. 31, 2018, with an average loan size of $576,855. Through quarter two of fiscal year 2017, the Central Pennsylvania regions saw 122 loans for just over $52 million with an average loan size of $426,303.

"Lending through the second quarter continues to be 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 tremendous news for small businesses in Eastern Pennsylvania. Ensuring access to capital for small businesses is a critical role for SBA, because capital is essential for small business growth and success,” said Director Antonio (Tony) Leta, SBA Eastern Pennsylvania District. “The continued strength 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 second quarter of fiscal year 2018 in the 40 counties of the Eastern Pennsylvania District is up 10% in number of loans and 20% in loan dollars with a total of 774 loans for $311.1 million, leading to an average loan size of $402,048. Through quarter two of fiscal year 2017, SBA’s 7(a) program saw 701 loans totaling more than $259.9 million. 

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-fiscal-year-2018-10-1-2017-thru-3-31-2018

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