Small Business Loans & SBA Loans In Pennsylvania

Pennsylvania is an exceptional state for small businesses—over 80% of Pennsylvanian startups survive their first year, well above the national average. And a small business loan can be critical to help your business reach its goals in the Keystone State.

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Types of Small Business Loans in Pennsylvania

Pennsylvania might not be as flashy as some states on the coasts, but its small business economy is thriving. Beyond being home to two huge metropolises with Philadelphia and Pittsburgh, the state is a short drive to the bustling Northeast centers of commerce, like New York City and Boston, but with a much lower cost of living. If you want to open your doors in the Keystone State, there are many business loan opportunities to help make it happen.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Pennsylvania Business Loan Options

Several groups service loans to small businesses that set up shop in Pennsylvania.

The Pennsylvania Industrial Development Authority (PIDA) provides low-interest loans and lines of credit to businesses developing industrial parks and multi-tenant facilities

Freedom Credit Union offers small business funding in many parts of Pennsylvania.

Mid Penn Bank also offers small business funding, including SBA loans, in many parts of Pennsylvania.

The Small Diverse Business Capital Access Program (SDBCA) targets entrepreneurs from traditionally underserved backgrounds.

Community First Fund (Merged with Finanta) offers small business loans to certain counties in Pennsylvania.

Pursuit offers multiple lending solutions to help business owners across Pennsylvania. The organization offers several loan products including SBA 504, SBA 7(a) and SBA microlaons.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Speak With A Pennsylvania Representative

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FAQs

What other resources are available to Pennsylvania small businesses?

If you want to join the 1 million small businesses that call Pennsylvania home, start with PA Business One-Stop Shop, a fantastic resource set up by the state government. Be sure to also check out the Partnerships for Regional Economic Performance (PREP), a great group to join to network with other entrepreneurs and find partnerships in PA. For companies focused on tech and research, the Ben Franklin Technology Partners is a long-running resource that can connect your small business with funding and technological acumen.

What Pennsylvania small business grants are available?

If you’re interested in small business grants for Pennsylvanians, your first stop should be Pennsylvania Grant Watch, an updated list of grants available to entrepreneurs in the Keystone State. The state-run Small Business Advantage grant is a great option for smaller operations or farmers every year. The Pennsylvania 30-Day Fund is a program put together by Pennsylvanian business people that provides grants to companies that employ 30 people or fewer.

What do I need to qualify for a loan in Pennsylvania?

Once you figure out your business’ corporate structure—such as sole proprietorship or corporation—you can contact state authorities in Pennsylvania about registering your businesses and applying for any required permits. The state has an easy-to-follow guide for this. After you are legally set up in PA, you can apply for loans. Business loans in Pennsylvania will generally be based on your business plan, your business’ financial track record, and your personal credit score.

Which loan is right for my Pennsylvania business?

Deciding on a loan for your Pennsylvania business will hinge largely on your funding needs and your industry. Generally, you want to look for funding with lower interest rates, but many of these options take a long time for applications to get approved. You can start researching and comparing what national and local financiers can offer you on the Lendio platform today.

How can a Pennsylvania business loan help my business?

If you want to take advantage of Pennsylvania’s excellent regional location, bustling local economy, and relatively low cost of living, a business loan can help your company open and expand. In fact, a loan in Pennsylvania could likely go further than getting the same amount in more expensive areas like New York City, but you are still just a short distance from the business-centric Northeast Corridor.

What is an SBA preferred lender?

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

What are the benefits of an SBA loan?

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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