Small business loans to business owners in historically underserved communities have increased across eastern Pennsylvania, federal officials said this week.
The U.S. Small Business Administration’s Eastern Pennsylvania District, which is made up of 40 of Pennsylvania’s 67 counties, reported that the SBA 7(a) loan, its standard small business loan program, saw “significant gains” in loans to underserved communities over the past year.
“In traditionally underserved markets, small businesses are accessing vitally needed capital that is essential to their success in our communities. SBA lending programs play an important role in helping small businesses to start, grow, and succeed,” Director Steve Dixel, SBA Eastern Pennsylvania District said. “I am proud of the work our District team has done to engage lenders and the positive trends we are seeing in SBA lending.”
The SBA reports that loans have increased by:
- 111% to Black-owned small businesses (72 loans for $26.3M),
- 105.9% to Hispanic-owned small businesses (70 loans for $20.3M),
- 100% to American Indian-owned small businesses (4 loans for $5.8M),
- 1.2% to Asian-American/Pacific Islander-owned small businesses (85 loans for $80.9M).
“Equity is a top priority for SBA, and we believe all of America’s entrepreneurs deserve a level playing field,” Sonia Smith, a spokesperson for the administration told the Capital-Star. “During COVID, we’ve learned how critical equitable access is surviving and thriving, and at the SBA we are working to build better connections to Black-owned businesses and underserved communities across this country.”
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