Philadelphia’s U.S. Small Business Administration District Office approved more 7(a) loans this fiscal year than last year, although the total amount in loan money was lower.
After three previous years of high numbers in Philadelphia, SBA’s guaranteed fee waiver for loans below $150,000 led to 1,171 7(a) loans worth $426.4 million. The 2013 numbers totaled 1,061 worth $466 million, with 991 worth $326 million in 2012.
“This is good news for small businesses in eastern Pennsylvania because it means there has been more access to smaller loans, which are typically the toughest for borrowers to access,” SBA mid-Atlantic Regional Administrator Natalia Olson-Urtecho said. “The fee waiver allows us to make more loans to borrowers looking for those smaller loans. It’s good to see our continued lender outreach and training efforts help keep the pace of SBA loan-making healthy. I’m proud to see SBA-guaranteed financing to small businesses help entrepreneurs start, grow and create new jobs for Americans.”
The 7(a) program is designed to provide small businesses with comprehensive financial assistance to cover the vast majority of business expenses. SBA helps small businesses by providing essential bid and performance bonds to small contractors, which allows small-business owners to be more competitive when bidding on contracts.
“As our economy continues to grow and recover, small businesses are the essential fuel to that continued growth,” SBA Administrator Maria Contreras-Sweet said. “Thanks to the hard work and outreach by our lending partners, SBA staff and our resource partners, as well as the small-business owners themselves, we have been able to put more capital into the hands of our nation’s entrepreneurs. We know that America’s small businesses pack the biggest punch, creating two out of every three net new private sector jobs in the U.S.
“These small businesses are the cornerstone of our communities, so their success and expansion are vital to the nation’s economic growth.”
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