Feds: Small business loans to diverse owners increase across eastern Pa. | Thursday Morning Coffee

Nationally, the SBA reports that it delivered a record number of traditional loans to small businesses during the last fiscal year

By: - August 4, 2022 6:30 am

(Image via The Philadelphia Tribune).

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.”

Our Stuff

New from our partners at City & State PA: What is Gab? A look at the far-right social media platform backing Doug Mastriano.

ICYMI:

Jacob Fischler reports: Pa. eligible for more than $244M in U.S. Interior Department mine cleanup funds.

Ariana Figueroa writes: Record rent increases, low wages are driving an eviction crisis, U.S. Senate panel told.

On our Commentary page this morning: 

Andre Simms & Tracie Johnson write: Ending direct file: A step toward providing unwavering care to all our young people.

Benjamin Pontz writes: The Wolf administration’s jaw-dropping Supreme Court filing.

Elsewhere

From the Pittsburgh Post-Gazette: Doug Mastriano says Pennsylvania is ‘at a crossroads’ during campaign stop at Crawford County fair.

Stimulus checks for Pennsylvanians: Gov. Wolf, Pa. Democrats continue push for $2,000 payments, PennLive reports.

The Morning Call reports: On the anniversary of the Americans with Disabilities Act, the Lehigh Valley is more accessible than ever ⁠— but not there yet.

From The Centre Daily Times: Penn State won’t answer key questions about its handling of sexual extortion involving student-athletes.

Here’s your #Pennsylvania Instagram of the day

(Image via @twitchyguy/Instagram.com)

What Goes On

11 a.m.: First Lady Frances Wolf and acting Secretary of Education Eric Hagarty will discuss an initiative to address hunger on college campuses at the Biemesderfer Executive Center in Millersville on Thursday.

11:30 a.m.: Gov. Tom Wolf and educators will discuss education funding at Lauer’s Park Elementary in Reading on Thursday.

1:30 p.m.: Gov. Tom Wolf and Agriculture Secretary Russell Redding celebrate the nearly $72 Million Invested in the PA Farm Bill at Harding Beef Farm, in State College.

And now you’re up to date. 

Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. Please see our republishing guidelines for use of photos and graphics.

Cassie Miller
Cassie Miller

A native Pennsylvanian, Cassie Miller worked for various publications across the Midstate before joining the team at the Pennsylvania Capital-Star. In her previous roles, she has covered everything from local sports to the financial services industry.

MORE FROM AUTHOR