Philadelphia Business Loans

Looking for a loan for your small business in the City of Brotherly Love? Learn what financing options are available and which ones could fit you best.

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Applying is free and won't impact your credit*

Types of business loans in Philadelphia.

There is no shortage of small business loans in Philadelphia, making it important to shop around and compare your options. As you do your research, you’re bound to come across these popular options.

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.

Philadelphia business loan options.

Several local organizations provide small business funding resources in Philadelphia.

PIDC, Philadelphia’s public-private economic development corporation, offers a number of business builder loans, including working capital and equipment loans, commercial mortgage loans, and contract lines of credit.

You can also lock in small business financing through Philadelphia Federal Credit Union. Its product line includes working capital lines of credit, micro business lines of credit, fixed or adjustable term loans, and commercial mortgages.

Hyperion Bank is another option with SBA loans, business loans and lines of credit, commercial real estate and construction loans, and standby letters of credit.

The Philadelphia Business Lending Network connects small businesses in the city with and provides access to small business funding to nonprofit and for-profit lenders.

Philadelphia’s Department of Commerce is partnering with Kiva to provide funding to financially excluded and socially impactful entrepreneurs in the area.

Pursuit Lending works with Philadelphia-based entrepreneurs to help provide them with funding for their small businesses.

United Bank of Philadelphia provides financing to small businesses in the city through the SBA’s 7(a) loan program.

Community First Fund provides business loans and microloans to small businesses in Philadelphia.

Originating over $1.25 billion in SBA 7(a) loans in the past 14 years, 44 Business Capital is a trusted SBA loan provider in the Philadelphia area.

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.

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FAQs

What other resources are available to Philadelphia small businesses?

The City of Philadelphia’s official website is full of resources to help you plan, launch, and manage your business. As a business owner in the area, you can also take advantage of networking and marketing opportunities through the Philly Chamber of Commerce. The CCPA is also worth exploring as it hosts monthly networking and educational events and advocates for small businesses. In addition, the Urban League of Philadelphia has an Entrepreneurship Center with coaches who can support you with marketing, sales, strategic planning, and other business services.

What Philadelphia small business grants are available?

The Philadelphia COVID-19 Small Business Relief Fund, which is administered by the Department of Commerce and Philadelphia Industrial Development Corporation (PIDC), offers grants for small businesses who have been impacted by the pandemic. With Pennsylvania’s Small Business Advantage Grant, you can receive funding to create a more energy-efficient organization. You may be eligible if your business has 100 or fewer full-time employees.

How do I use a Philadelphia small business loan?

A Philadelphia small business loan can make it easier for you to start or grow your venture. Whether you need to cover startup costs, like insurance and marketing, or could use some help with working capital or equipment expenses, a small business loan can be a great option, especially if you can secure a competitive rate and favorable terms.

What do I need to qualify for a Philadelphia business loan?

Before you take out a Philadelphia business loan, you’ll need to figure out your business structure (sole proprietorship, LLC, etc.), receive a business tax number, and apply for a Commercial Activity License. The City of Philadelphia Business Services website can point you toward the right direction.

You’ll also be required to obtain an employer identification number through the IRS and city tax account number from the Philadelphia Tax Center. Then, you’ll be ready to apply. As you go through the process, keep in mind that lenders will consider factors like your credit score and annual revenue.

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