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May 10, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Philadelphia, Business Loans > Pnc Bank, National Association Philadelphia Business Loans > Commercial Laundry And Drycleaning Equipment Loan | ||||
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Business Loans for Annandale Entrepreneurs
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Small Business Loans for Commercial Laundry, Drycleaning, and Pressing Machine ManufacturingLooking for small business loans for commercial laundry, drycleaning, and pressing machine manufacturing? The SBA may be the answer. This $150,000 commercial laundry, drycleaning, and pressing machine manufacturing loan was issued by a Pennsylvania bank. This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Pnc Bank, National Association, out of Philadelphia, Pennsylvania. The loan was granted and they received $150,000 to help grow their Annandale, Virginia business. SBA Loan Borrower COMPANY TYPE: COMMERCIAL LAUNDRY AND DRYCLEANING EQUIPMENT SBA Loan Lender PNC BANK, NATIONAL ASSOCIATION This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3582 - Commercial Laundry and Drycleaning Equipment NAICS Code 333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing Loan Approval Date 8/16/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Pnc Bank, National Association and they will explain how you can get an SBA loan for your company. About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: SBA 7A Banks for Philadelphia, Pennsylvania Loans
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