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SBA Delaware reports an increase in small business lending

Delaware Public Media

The U.S. Small Business Administration reports an increase in the number of small business loans in the First State.

SBA Delaware issued more than $56 million in small business loans for fiscal year 2022.

Officials said the uptick in lending is a sign First State small businesses are getting back to a level of normalcy not seen since before the pandemic.

SBA Delaware Director Michelle Harris said they issued 153 loans this past fiscal year that ended in October. That's up from 146 the year before.

“Borrowers are coming out of survival mode and are looking to growth mode,” Harris said.

Year over year, the amount of money the SBA loaned Delaware businesses was down slightly, but Harris said the uptick in the number of loans is encouraging.

“Our activity is continuing to increase above where we were this time last year. I think that is just a continued sign that small businesses are remembering that we’re here beyond our COVID programs and are tapping into our services and support.”

Harris added the outlook for fiscal year 2023 is a good one.

She said Delaware could see borrowing return to pre-pandemic levels.

Mark Arehart is an award-winning reporter/producer. Before returning to Delaware, Arehart was a reporter for WKSU and Ideastream Public Media in Northeast Ohio. He previously hosted Morning Edition and covered the arts scene for Delaware Public Media. He has worked for KNKX in Seattle, Kansas Public Radio, and KYUK in Bethel, Alaska.