Firstrust Savings Bank SBA Loan to Photography Studios, Portrait Company

An SBA loan from Firstrust Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Conshohocken, Pennsylvania business owner got a $368,000 loan.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Firstrust Savings Bank, out of Philadelphia, Pennsylvania. The loan was granted and they received $368,000 to help grow their Conshohocken, Pennsylvania business.

SBA Loan Borrower

COMPANY TYPE: PHOTOGRAPHY STUDIOS, PORTRAIT
CONSHOHOCKEN, PA 19428

SBA Loan Lender

FIRSTRUST SAVINGS BANK
1931 COTTMAN AVE
PHILADELPHIA, PA 19111

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541921 - Photography Studios, Portrait

Loan Approval Date

6/11/2001

Loan Approval Gross Amount

$368,000

Loan Approval from the SBA

Of the total $368,000 loan amount, the SBA guaranteed $276,000.

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 8 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Microlending as a Small Business Funding Source

SBA 7A Banks for Philadelphia, Pennsylvania Loans

Pennsylvania SBA Bank Lenders