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Central Pa. Benefits from Increase in SBA 7(a) Small Business Loans

SBA’s Eastern Pa. District Breaks Lending Record in FY18
Release Date: 
Tuesday, October 30, 2018
Release Number: 
20180930-002
Contact: 
robert.goza@sba.gov | www.sba.gov/pa

HARRISBURG, Pa. – The U.S. Small Business Administration (SBA) Eastern Pennsylvania District announces its 7(a) Loan Program has once again approved more small business loans in Fiscal Year (FY) 2018 than in prior years. During FY18, lending increased in the Central Pennsylvania region (Adams, Cumberland, Dauphin, Franklin, Huntingdon, Juniata, Lancaster, Lebanon, Mifflin, Northumberland, Perry, Snyder, Union and York counties), by 5% in number and 12% in dollar amount over FY17. Small businesses in this geographic area received 303 loans for $140.7 million from Oct. 1, 2017, to September 30, 2018, with an average loan size of $464,463. In FY17, 289 loans worth a total of $125.1 million with an average loan size of $433,042 were made.

“Increasing access to capital for small businesses is a critical role for SBA because it is essential for small business growth and success,” SBA Mid-Atlantic Regional Administrator Michelle Christian said. “Our lending partners play an essential part in the SBA’s efforts to help small businesses across the nation. This speaks highly of the commitment of the SBA and our partners to the success of the entrepreneurial community.”

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.

“This new lending record is great news for small businesses in Eastern Pennsylvania, and a good sign that the economy is growing,” said Acting Director Steve Dixel, SBA Eastern Pennsylvania District. “The continued strength of SBA lending is the direct result of the strong relationships SBA enjoys with its lending partners and the success of the Eastern Pennsylvania District’s lender outreach and education efforts.”

Across the 40 counties of the Eastern Pennsylvania District, SBA’s 7(a) program FY18 lending is also up 4% in number of loans and 15% in the dollar amount of loans, totaling 1,568 loans for $604.1 million, with an average loan size of $385,319. The amount of loan dollar approvals is above the record-breaking numbers from FY17, when SBA’s 7(a) program experienced 1,513 loans for $526.3 million with an average loan size of $347,833. 

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-loan-volume-report-fiscal-year-2018-10-1-2017-thru-9-30-2018

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For interviews or additional information, contact Rob Goza at robert.goza@sba,gov.

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, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.