Clarks Summit, Pennsylvania Business Gets SBA-Guaranteed Funding from First National Community Bank

An SBA loan from First National Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Clarks Summit, Pennsylvania business owner got a $400,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Clarks Summit, Pennsylvania was able to borrow $400,000 from First National Community Bank. The SBA made the loan possible by guaranteeing $300,000 of this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: FITNESS AND RECREATIONAL SPORTS CENTERS
CLARKS SUMMIT, PA 18411

SBA Loan Lender

FIRST NATIONAL COMMUNITY BANK
102 E DRINKER ST
DUNMORE, PA 18512

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

6/18/2002

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 11 employees. This SBA loan request did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First National Community Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

How Equity Dilution Works

Where to Get an SBA Loan in Dunmore, Pennsylvania

Pennsylvania SBA 7A Banks