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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 7A Banks That Lend to Pennsylvania Entrepreneurs
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Philadelphia, Pennsylvania Entrepreneur Gets an SBA LoanPennsylvaniaBank loans are available to Pennsylvania firms through the SBA. In this case, a Pennsylvania bank provides the loan. This company, 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 This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. 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 6/8/2001 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan 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 an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Conestoga 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. Related Links: Who Lends Money to Small Businesses in Philadelphia, Pennsylvania
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