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May 8, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Wyomissing, Business Loans > Sovereign Bank Wyomissing Business Loans > Retail Bakeries Loan | ||||
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Raising Money in Newtown, Pennsylvania With SBA Loans
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Retail Bakeries Commercial LoansLooking for commercial loans for retail bakeries? Talk to a banker who works with the SBA. This $150,000 retail bakeries loan was issued by a Pennsylvania bank. Getting a small business loan in Newtown, Pennsylvania was important for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of Wyomissing, Pennsylvania. Here are the details on this Pennsylvania small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL BAKERIES SBA Loan Lender SOVEREIGN BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 311811 - Retail Bakeries Loan Approval Date 8/8/2001 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 a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the funding would help create 5 new jobs. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Sovereign Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Sovereign Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Best Banks in Wyomissing, Pennsylvania
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