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SBA’s Eastern Pa. District Loan Program Sees Continued Growth - Greater Philadelphia Metro

Greater Philadelphia Metro sees increase in small business lending over record-breaking FY2017 through second quarter
Release Date: 
Tuesday, April 24, 2018
Release Number: 
20180424-001
Contact: 
Robert Goza robert.goza@sba.gov | (610) 382-3084

PHILADELPHIA– 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 Greater Philadelphia Metro area (in Bucks, Chester, Delaware, Montgomery and Philadelphia counties). SBA 7(a) lending in the area is up 17% in number of loans and up 16% in total dollars loaned, compared to the same time period last fiscal year. Small businesses received 453 loans for $149.6 million from Oct. 1, 2017 to Mar. 31, 2018, with an average loan size of $330,328. Through quarter two of fiscal year 2017, the Greater Philadelphia Metro area saw 388 loans for $129.5 million with an average loan size of $333,788 in SBA’s 7(a) program.

"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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