Small Business Administration reports ‘robust’ loan volume

The Eastern Pennsylvania District office of the U.S. Small Business Administration (SBA) said it saw increased loan volume to small businesses during fiscal year 2022.

According to the Small Business Administration’s summary loan data for the fiscal year — Oct. 1, 2021-Sept. 31 2022, loans granted through two of the Small Business Administration’s loan and microloans programs totaled 1,405 loans valued at just over $733 million, according to a press release.

“In FY22, the SBA’s Eastern Pennsylvania District has seen increased loan volume with nearly 24% more loans to borrowers in traditionally underserved communities and 86% more loans to veteran borrowers. Our team is hard at work for fiscal year 2023 to support job and entrepreneurial growth across the Commonwealth,” Steve Dixel, SBA Eastern Pennsylvania district director, said in a statement.

During fiscal year 2022, the

SBA’s flagship 7(a) loan program issued 1,163 7(a) loans to eastern Pennsylvania small businesses totaling approximately $584.4 million. A second program — the 504 Loan Program (SBA and third-party lenders, combined) reported more than $147.4 million in lending to eastern Pennsylvania small businesses. The Microloan Program, which specifically helps businesses in underserved communities, reported more than $1.48 million in lending in eastern Pennsylvania.

The Small Business Administration’s

7(a) Loan Guaranty Program is the organization’s primary financial assistance instrument — providing loan guaranties on business loans to help qualifying entrepreneurs secure financing on reasonable terms. The program operates through private-sector lenders who provide loans. The 504 Program provides growing businesses with long-term, fixedrate financing for major fixed assets, such as land and buildings.

“SBA lending programs play a vital role, providing the capital needed to help small businesses succeed and grow. Small businesses are continuing to access the capital they need, which is critical to the success of small businesses in our community and the economy of eastern Pennsylvania,” Dixel added.

The U.S. Small Business Administration provides access for entrepreneurs and small business owners to the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. For more information visit www. sba.gov.