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SBA loans surge 62% in western Pennsylvania

·2 min read
SBA loans surge 62% in western Pennsylvania
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SBA loans in the Pittsburgh area jumped by over $100 million, or 62%, compared to last year when the Paycheck Protection Program’s forgivable loans for small business owners derailed demand for traditional products. For the 27-county Western Pennsylvania District, 532 7a loans were processed at a combined $276 million, during the U.S. Small Business Administration’s 2021 fiscal year that ended on Sept. 30. During the 2020 fiscal year, there were 416 7a loans at a combined $170.3 million, down 12% by loans and 5% by dollars compared to 2019.