Erie, Pennsylvania Entrepreneur Gets a Business Loan

SBA loans in Pennsylvania are tough to come by these days. We take a look at one Pennsylvania SBA loan, provided by a Pennsylvania bank, that was approved by the SBA.

Getting a small business loan in Erie, Pennsylvania was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Citizens Bank Of Pennsylvania. Here are the details on this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
ERIE, PA 16509

SBA Loan Lender

CITIZENS BANK OF PENNSYLVANIA
2001 MARKET ST, STE 600
PHILADELPHIA, PA 19103

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

11/26/2003

Loan Approval Gross Amount

$11,000

Loan Approval from the SBA

Of the total $11,000 loan amount, the SBA guaranteed $5,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower indicated that the loan would help retain 15 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Citizens Bank Of Pennsylvania so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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