Local Business Gets a Pennsylvania SBA Loan

Business loans in Pennsylvania are tough to come by these days. We take a look at one Pennsylvania business loan, provided by a Pennsylvania bank, that was approved by the SBA.

By giving the right information to The Legacy Bank, A Division Of, this South Williamsport, Pennsylvania business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: CRUSHED AND BROKEN GRANITE
SOUTH WILLIAMSPORT, PA 17702

SBA Loan Lender

THE LEGACY BANK, A DIVISION OF
120 W FOURTH ST
WILLIAMSPORT, PA 17701

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1423 - Crushed and Broken Granite

NAICS Code

212313 - Crushed and Broken Granite Mining

Loan Approval Date

5/17/2002

Loan Approval Gross Amount

$51,500

Loan Approval from the SBA

Of the total $51,500 loan amount, the SBA guaranteed $43,775.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Legacy Bank, A Division Of had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Legacy Bank, A Division Of 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:

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Who Lends Money to Small Businesses in Williamsport, Pennsylvania

Getting an SBA Loan in Pennsylvania