US Small Business Administration
For the past 16 months, Pennsylvania’s 1.1 million small businesses have focused on surviving, persevering, and turning to sustain themselves while keeping their 2.5 million employees safe and healthy.
Our small Pennsylvania businesses are vital to our economy and our workforce. They make up 99.6% of all businesses in the state and employ 46.2% of the state’s total private workforce.
The Small Business Administration’s response to the pandemic has been productive, and the SBA Eastern Pennsylvania District Office has helped manage much-needed emergency capital programs, including the Economic Injury Disaster Loan, Paycheck Protection Program, Restaurant Revitalization Fund, and Shuttered Venue Operators Grant.
While these programs provide vital funding during the pandemic, it is important to know that SBA continues to offer improvements in our traditional SBA loan programs for new, sustaining and expanding businesses as we start to turn the corner and get back to normal. For loans approved by September 30, 2021, our:
- Upfront guarantee fees for all 7 (a) loans, including Community Advantage, are zero
- SBA Express Maximum Loan (term loan and lines of credit) to be increased to $ 1 million; and
- Microloan terms are extended to up to eight years
At SBA, we know it takes planning, forecasting, and finance to create a loan application and present the package to a lender. For this assistance, small businesses and entrepreneurs can turn to our SBA resource partners for free one-on-one advice.
You can find a local resource partner such as SCORE, Small Business Development Center, Women’s Business Center, and Veteran Business Outreach Center through our website sba.gov. SBA’s digital learning platform is available 24/7 and has almost anything anyone could want to learn about business best practices and available funding opportunities. SBA’s Online Lender Match connects small businesses with prospective lenders who offer SBA lending programs.
Nonprofits are corporations too, and SBA currently has two options for funding grants:
Community Navigator: Selected partners will target small businesses in underserved communities to help small businesses get the resources and support they need to get back on track as the economy drifts away from COVID-19 Pandemic recovered. Applicants have until July 23, 2021 to submit their application at grants.gov.
Veteran Outreach Program: Select organizations will scale their existing entrepreneurship training programs and deliver them to small businesses owned by veterans and service disabilities who intend to or are already involved in federal procurement efforts. Applicants can submit their application until July 12, 2021 at grants.gov.
To help Pennsylvania get back to business, you too are involved. This summer, take time to support our award-winning Pennsylvania wineries, distilleries, and restaurants as restrictions are lifted. Experience adventures in one of our amusement parks, nature parks or music venues. And discover unique women, minority and veteran owned shops and boutiques in your neighborhood and in our great state.
The SBA Eastern Pennsylvania team is available to entrepreneurs who are starting, growing, expanding, and rebuilding their businesses. Please contact us at [email protected] or 610-382-3062 with your questions about advisory and training resources, access to capital and public procurement opportunities.
– Steve Dixel is the Eastern Pennsylvania District Director of the US Small Business Administration.