Seedcopa + SeedcoDE is once again a leading SBA 504 Lender in Eastern Pennsylvania, according to data provided by the U.S. Small Business Administration.
“What strikes me in Fiscal Year 2024 is the substantial increase in average loan size for small- to mid-sized businesses,” said Seedcopa + SeedcoDE Managing Director Sherwood Robbins. “The breadth of lending partners we’ve worked with is also notable: 17 banks partnered on 20 loans. This stems from our continued focus on nurturing a wide array of relationships to the benefit of borrowers and lenders.”
According to the SBA Eastern District Office’s year-end loan volume reports:
- Seedcopa + SeedcoDE supported 20 small business owners in FY24 with SBA 504 loans
- Seedcopa + SeedcoDE’s average loan amount was $951,000 in FY24, up from $801,000 in FY23
- 17 banks partnered with Seedcopa + SeedcoDE to make the loans possible
- Loans spanned 8 counties: Berks, Bucks, Chester, Cumberland, Delaware, Luzerne, Montgomery, New Castle.
- Total SBA 504 loan projects were just under $48 million
Nationally, the U.S. Small Business Administration (SBA) announced that it delivered $56 billion to small businesses and disaster-impacted communities in FY24, with a 7% increase over FY23 in its annual capital portfolio that includes startup, growth and recovery capital, as well as surety bonds. For the first time since 2008, the SBA made more than 100,000 financings to small businesses, representing a 22% increase over FY23.
SBA 504 is the Small Business Administration’s fixed-rate loan program for small- to mid-sized business owners, and such loans often act as a complement to conventional, commercial loans that Seedcopa facilitates through local banks and credit unions. A typical SBA 504 loan structure requires a contribution from the business owner of only 10%. A third-party lender, like a bank or credit union, contributes 50% of the project cost. The SBA-backed portion of the loan is 40%.
For additional resources, check out Seedcopa’s complete list of recent loan fundings, as well as business success stories including multi-generational ownership of an industrial waste disposal company in West Chester, PA and a new Asian grocery store in Newark, DE.
A complete list of Seedcopa’s suite of loan programs and success stories can be found at https://seedcopa.com/
