The Western Pennsylvania Small Business Administration (SBA) recently released its microloan lending numbers through the first nine months of fiscal year 2023, and the data is extremely encouraging.
Deputy District Director Angel Marschik said the SBA’s nonprofit intermediaries have made 63 loans totaling $1.8 million through the first three quarters of the fiscal year – nearly half of which (30) were made by us, according to a recent article in the Pittsburgh Business Times.
As an SBA microenterprise lender, we’re proud to see our microloan volume continue to grow year over year as we work to provide start-up planning and financing for local entrepreneurs – particularly minority- and women-owned businesses. We provided 36 microloans to small businesses across Allegheny County in fiscal year 2022, a 57% growth in microloan volume compared to fiscal year 2021. In addition, the Pittsburgh region saw an overall 51% increase in its microloan program in 2022.
We’re excited to build on this momentum, and we look forward to what the future holds – for us and for your business. Whether you’re looking to take the leap and start your own small business or if you’re looking for assistance with your existing business, don’t hesitate to reach out – we’re here to help you! As your trusted neighborhood partner, we can help you get your dream business off the ground and primed for success.
– By Mark Masterson, Executive Director