Local Business Gets a Pennsylvania Business Loan
PennsylvaniaBusiness loans are available to Pennsylvania business owners through the SBA. In this case, a Pennsylvania bank provides the loan.
Getting a small business loan in Erie, Pennsylvania was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from National City Bank. Here are the details on this Pennsylvania small business loan.
SBA Loan Borrower
COMPANY TYPE: VIDEO TAPE RENTAL
ERIE, PA 16505
SBA Loan Lender
NATIONAL CITY BANK
20 STANWIX ST, NATIONAL CITY
PITTSBURGH, PA 15222
This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
7841 - Video Tape Rental
532230 - Video Tape and Disc Rental
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $20,700 loan amount, the SBA guaranteed $17,595.
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 3 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
If you are raising money in Erie PA, you ought to talk with a local Erie SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Erie businesses.
The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like National City Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.
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.
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