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Northeast Pennsylvania sees increase in SBA small business lending above record-breaking FY17 through third quarter

SBA’s Eastern Pa. District Loan Program Sees Continued Growth in FY18
Release Date: 
Monday, July 23, 2018
Release Number: 
20180723-004
Contact: 
Robert Goza robert.goza@sba.gov | (610) 382-3084

WILKES BARRE, 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 third quarter of fiscal year 2018, beginning Oct. 1, 2017 and ending June 30, 2018 compared to the third 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 dollars in loans through the third quarter of fiscal year 2018 to small businesses in the Northeast Pennsylvania area (Bradford, Clinton, Columbia, Lackawanna, Luzerne, Lycoming, Monroe, Montour, Pike, Potter, Sullivan, Susquehanna, Tioga, Wayne, Wyoming counties). SBA 7(a) lending in the area is up four percent in loan dollars, compared to the same time period last fiscal year. Small businesses received 119 loans for $44 million from Oct. 1, 2017 to June 30, 2018, with an average loan size of $370,297. Through quarter three of fiscal year 2017, the Northeast Pennsylvania area saw 122 loans for $42.5 million with an average loan size of $348,882 in SBA’s 7(a) program.

"Lending through the third 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 great news for small businesses in Eastern Pennsylvania. Increasing capital access for small businesses is a critical role for SBA, because it is essential for small business growth and success,” said Deputy Director Michael Kane, 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 outreach and 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 third quarter of fiscal year 2018 in the 40 counties of the Eastern Pennsylvania District is up 5% in number of loans and 12% in loan dollars with a total of 1,140 loans for $438.6 million, leading to an average loan size of $384,763. Through quarter three of fiscal year 2017, SBA’s 7(a) program saw 1,087 loans totaling more than $390.2 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-6-30-2018

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.