Philly entrepreneurs see increase in small business lending

3/8/2011

Entrepreneurs in the Philadelphia area have had less issue obtaining the funding needed to manage their companies, thanks to an uptick in small business lending from banks in the region, the Philadelphia Digital Enquirer reports.

During the fourth quarter, the value of business loans held by local banks grew by 1 percent, from $1.68 billion in the third quarter to $1.70 billion in the quarter ending in December. Small business owners in the area are using the newly acquired funds to purchase new equipment, pay bills and hire more employees.

"In my experience - this is my 30th year in banking - that's an unprecedented level of work to make that level of loans," Thomas Petro, chief executive officer of Fox Chase Bank, told the source. "It's testament to the continued weakness in the business climate in this region."

Throughout the country, small businesses have been growing stronger. The U.S. Small Business Administration's Karen Mills recently told the Dallas Morning News that this is because of programs and policies being enacted by President Barack Obama.