Entrepreneur Works With Scranton, Pennsylvania Bank to Get an SBA Loan

Get to know Scranton, Pennsylvania banks that specialize in small business loans and know how to work with entrepreneurs. Pennstar Bank, A Division Of is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Dunmore, Pennsylvania starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Pennstar Bank, A Division Of. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: FURNITURE WHOLESALERS
DUNMORE, PA 18512

SBA Loan Lender

PENNSTAR BANK, A DIVISION OF
409 LACKAWANNA AVE, STE 101
SCRANTON, PA 18503

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421210 - Furniture Wholesalers

Loan Approval Date

7/22/2005

Loan Approval Gross Amount

$1,750,000

Loan Approval from the SBA

Of the total $1,750,000 loan amount, the SBA guaranteed $1,312,500.

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 120 employees. The SBA loan documents did not indicate that the business promised to use the funding 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Obtaining Funding - How to Decide How Much to Raise

Good Banks for Small Business in Scranton, Pennsylvania

Pennsylvania SBA 7A Banks