Home Correctional service Feds: Small Business Loans to Various Homeowners Rise in Eastern Pennsylvania | Thursday morning coffee

Feds: Small Business Loans to Various Homeowners Rise in Eastern Pennsylvania | Thursday morning coffee

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Small business loans to business owners in historically underserved communities have increased in eastern Pennsylvania, federal officials said this week.

The U.S. Small Business Administration Eastern Pennsylvania Districtthat is made of 40 of Pennsylvania’s 67 counties, reported that the SBA 7(a) loan, its standard small business lending program, has seen “significant gains” in lending to underserved communities over the past year.

“In traditionally underserved markets, small businesses have access to much-needed capital to succeed in our communities. SBA loan programs play an important role in helping small businesses start, grow and succeed,” said Director Steve Dixel, SBA Eastern Pennsylvania District. “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 increased by:

  • 111% at Black owned small enterprises (72 loans for $26.3 million),
  • 105.9% at Owned by Hispanics small enterprises (70 loans for $20.3 million),
  • 100% at Belonging to American Indians small enterprises (4 loans for $5.8 million),
  • 1.2% at Owned by Asian Americans/Pacific Islanders small enterprises (85 loans for $80.9 million).

“Fairness is a top priority for the SBA, and we believe that all American entrepreneurs deserve a level playing field,” Sonia Smith, a spokeswoman for the administration told the Capital-Star. “During COVID, we’ve learned how essential equitable access survives and thrives, and at the SBA, we’re working to build better connections with Black-owned businesses and underserved communities across this country.”

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(Image via @twitchyguy/Instagram.com)

What is happening

11:00 a.m.: First Lady Frances Wolf and Acting Education Secretary Eric Hagarty will discuss an initiative to address hunger on college campuses Thursday at the Biemesderfer Executive Center in Millersville.

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

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

And now you are up to date.