Small Business Lending on Rise in PA
The U.S. Department of the Treasury released a new report showing that Pennsylvania institutions receiving capital through the Small Business Lending Fund (SBLF) continue to increase their small business lending, in total by more than $445.4 million over their baselines.
This Use of Funds report shows that participants receiving capital through the SBLF boosted lending for the seventh straight quarter. In total, SBLF participants have increased small business lending by about $8.9 billion since the depths of the recession in 2009. This increased lending represents an estimated 38,000 additional small business loans over baseline levels. To view this information graphically, as well as detail on the increased lending across all regions, click here.
“In every region of the country, the Obama Administration’s Small Business Lending Fund is supporting small and family-owned businesses with the funds they need to create jobs and grow,” said Deputy Secretary of the Treasury Neal Wolin. “This quarter’s report shows that SBLF participants are continuing to help thousands of small businesses invest, hire, and expand in their local communities.”
The report also shows that SBLF participants increased their lending by $1.5 billion more than the prior quarter, representing the second highest increase since the start of the program. Community banks participating in SBLF have increased business lending by 38%, a substantially greater amount than a peer group of similar banks across median measures of size, geography, and loan type.