Scranton, Pennsylvania Bank Gives SBA Loan to Commercial Physical And Biological Research Company

Get to know Scranton, Pennsylvania banks that specialize in 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 Lake Ariel, Pennsylvania starts with an understanding of who else has gotten loans in the area. In this case, a local business 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: COMMERCIAL PHYSICAL AND BIOLOGICAL RESEARCH
LAKE ARIEL, PA 18436

SBA Loan Lender

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

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8731 - Commercial Physical and Biological Research

NAICS Code

541710 -

Loan Approval Date

6/13/2002

Loan Approval Gross Amount

$112,000

Loan Approval from the SBA

Of the total $112,000 loan amount, the SBA guaranteed $95,200.

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 5 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Pennstar Bank, A Division Of had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Pennstar Bank, A Division Of made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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