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May 3, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Philadelphia, Business Loans > Conestoga Bank Philadelphia Business Loans > Eating Places Loan | ||||
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SBA Lenders for Small Business Owners in Pennsylvania
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Growing Company Gets a Pennsylvania Small Business LoanPennsylvaniaBank loans are available to Pennsylvania firms through the SBA. In this case, a Pennsylvania bank provides the loan. This small business, based in Philadelphia, Pennsylvania, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Conestoga Bank. We've got the inside scoop on this Pennsylvania small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender CONESTOGA BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 5/11/2001 Loan Approval Gross Amount $240,000 Loan Approval from the SBA Of the total $240,000 loan amount, the SBA guaranteed $180,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a business or need money to grow a business, an SBA loan can be a great source of funding. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Good Banks for Small Business in Philadelphia, Pennsylvania
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