Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Friedens, Pennsylvania Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Friedens, Pennsylvania seems challenging at first, but we're here to help you get started.

If you are looking for a small business loan and your business is based in Friedens, Pennsylvania, we've put together a list of local small business banks that you should contact.

Banks that Lend to Friedens Businesses

This is a list of banks outside of Friedens, Pennsylvania that have provided SBA loans to Friedens businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
First Commonwealth Bank
Hollidaysburg, PA
3
Pnc Bank, National Association
Philadelphia, PA
2
Rbs Citizens
Providence, RI
1
Somerset Trust Company
Somerset, PA
4

Friedens Bank Loan Tips

As a prerequisite to reaching out to banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the bank.

Being able to present a well-written business plan is essential. If the loan is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of these banks participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

If you are new to our Gaebler.com site, you should know that we are dedicated to aiding entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read Angel Investors.

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