EASTERN PA — Lending by the Small Business Administration (SBA) increased 14 percent across the 40 counties of eastern Pennsylvania in 2023 over last year.

Total dollar amounts decreased by 7.4 percent, from $732 million to $678 million, SBA said.

Approvals saw a significant 19.3 percent increase of 224 loan approvals from 1,163 to 1,387, according to the SBA, while 504 approvals decreased by 30.4 percent or 42 loan approvals from 138 to 96. 

There was a 55.8 increase in microloan approvals, which in 2023 rose from 104 to 162, with an average loan size of $11,378.

Lending to traditionally underserved borrowers saw substantial growth year-over-year from 2022 to 2023, the SBA reports, with the following approvals given:Black-owned small businesses increased 28.2 percent, up 33 loans from 117; Hispanic-owned small businesses increased 60.2 percent, up 53 loans from 88;women-owned small businesses increased 36 percent, up 80 loans from 222; and veteran-owned small businesses increased 20.9 percent, up 14 loans from 67.

“There is continued optimism for small businesses in Pennsylvania,” said Steve Dixel, SBA Eastern Pennsylvania District Director. Together with SBA’s lending partners, more than $679 million was lent to small businesses in eastern Pennsylvania, he said. To learn more, visit www.sba.gov.