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SBA lending in Eastern Pennsylvania increased by 16.7% in Fiscal Year 2024. PHOTO/GETTY IMAGES
Eastern Pa. sees rise in small business loan approvals
Ed Gruver//November 4, 2024//
Listen to this articleSmall Business Administration lending across the 40 counties of Eastern Pennsylvania in Fiscal Year 2024 saw a significant increase in combined lending, the SBA announced.
Combined lending increased 16.7%, and the total dollar amounts of the loans rose by 5.4% from $677,721,900 to $714,251,500.
“In Fiscal Year 2024, the SBA continued its transformation of lending and investment programs and expanded its capital partners to deliver startup, growth, and recovery to include more small business lending – particularly to people of color, women, and veterans,” SBA Mid-Atlantic Regional Administrator John Fleming said in a statement.
Lending to underserved borrowers witnessed the following increases:
- Asian or Pacific Islander small business dollars increased 38.6%, up $34.6 million to $124,320,800
- Black-owned small business dollars increased 49.9%, up $11.8 million to $35,695,000
- Hispanic-owned small business dollars slightly decreased 1.3%, down $430,500 to $33,439,800
- Veteran-owned small business dollars increased 10.6%, up $3 million to $32,138,300
- Women-owned small business dollars increased 30.5%, up $28.7 million to $123,224,300
The SBA’s 7(a) Loan Guaranty Program approved a total of $657,598,500 across 1,665 loans in Eastern Pennsylvania. The 504 Loan Program approved 66 loans for a total of $56,653,000. The SBA Microloan Program approved 195 loans totaling $1,884,700. 7(a) approvals witnessed a 20% increase of 278 loan approvals from 1,387 to 1,665 while 504 approvals decreased by 31.3% or 30 loan approvals from 96 to 66. There was a rise of 20.4% in Microloan approvals, which increased from 162 to 195 approvals in FY 24, with an average loan size of $9,665.
“During FY24, for 7a loans under $1M (no fee), there was a 19.6% increase in number of loans from 1,255 to 1,501 and a 21.3% increase in dollars from $241.9 million to $293.5 million,” said Steve Dixel, SBA Eastern Pennsylvania District Director. “This year we also saw an increase in the number of SBA 7(a) lenders making 7(a) loans, with 121 lenders compared to 107 the prior year. SBA’s 7(a) lending programs provided much-needed capital to small businesses, demonstrating our commitment to our communities and the economy.”
