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Traditionally under-served entrepreneurs in 40 eastern Pennsylvania counties received more federally-supported loans during the just-ended fiscal year than in 2022, the Small Business Administration said.

SBA Sees ‘Continued Optimism’ for PA Small Businesses

PHILADELPHIA PA – The value of loans authorized by the federal Small Business Administration (SBA) for qualified but traditionally under-served borrowers – including Black-, Hispanic-, women-, and veteran-owned small businesses – in its Eastern Pennsylvania district grew substantially during the agency’s fiscal 2023 year, it reported Tuesday (Nov. 29).

The fiscal year ended Sept. 30.

“There is continued optimism for small businesses in Pennsylvania,” district Director Steve Dixel said. With its lending partners, he added, the SBA “supported capital to 1,645 small businesses for more than $679 million” under three loan programs across the district.

While more borrowers received loans during a 12-month period, their total dollar value decreased 7.4% year-over-year, the district acknowledged.

The district said it increased lending in fiscal 2023 to:

  • Black-owned small businesses, up 28.2% or 33 loans over fiscal 2022, for a total of $23.8 million;
  • Hispanic-owned, up 60.2% or 53 loans for $33.9 million;
  • Women-owned, up 36% or 80 loans for $94.4 million; and
  • Veteran-owned, up 20.9% or 14 loans for $29 million.

The SBA provides entrepreneurs and small business owners with resources and support to start, grow, and expand their businesses, or recover from a declared disaster. It also supports SCORE chapters across the region, including Pottstown-based SCORE TriCounty, which offers services and workshops in western Montgomery, northern Chester and eastern Berks counties.

Photo by Jason Dent on Unsplash, used by Travels With The Post under license