SBA Approves $ 1.58 Billion In Loans For Pennsylvania Businesses | Finance
Philadelphia, Pennsylvania – The U.S. Small Business Administration (SBA) has released data summarizing paycheck protection program loan approvals made through January 24. PPP reopened on Jan. 11 with $ 284 billion earmarked through the Economic Aid Act.
More than 15,000 loans valued at approximately $ 1.58 billion have been approved in Pennsylvania.
In the United States as a whole, more than 400,000 loans valued at over $ 35 billion were approved in the third round of PPP. The average loan amount is $ 87,000.
All PPP loans approved in 2020 combined with this cycle to date total over 5.5 million loans for a total of $ 557.8 billion.
“With about four of the five P3 loans below $ 100,000 in this cycle, it’s clear that we’re quickly succeeding in targeting small businesses the way we wanted,” SBA Mid-Atlantic Acting Regional Administrator said, John Fleming. “SBA staff, lenders and local partners work together to connect small and micro businesses with the financing they need to recover and move their businesses forward with confidence. “
the full PPP report of January 24 includes information on types of lenders, loan sizes, industries and borrower demographics. Loan changes or cancellations after January 24 are not included in the report.
About 4,500 lenders across the United States participate in P3 this cycle; loans are granted by credit institutions and guaranteed by the SBA.
“The PPP is on another great start to helping our nation’s economy,” said Steve Dixel, SBA’s Eastern Pennsylvania District Director. “We are certainly seeing demand from borrowers and a significant number of lenders are participating in the program. In Pennsylvania, we have seen over 500 lenders and community financial institutions participate in the P3 program. These exceptional results demonstrate the strong relationships that SBA has with our lending partners. “
The SBA has set aside at least $ 15 billion for community-based financial institutions specializing in serving underserved groups such as minorities, women, and veteran-owned businesses. Community financial institutions include community development financial institutions, minority depositories, certified development companies, and microcredit intermediaries.
The Eastern Pennsylvania SBA works in partnership with local resource partners to expand multilingual access and awareness. Borrowers are encouraged to attend PPP information webinars through GOAL or SBDC Pennsylvania.
The deadline to apply for the last round of PPP loans is March 31, 2021 or while funds are exhausted. Information and application space available here.