Entrepreneur Works With Philadelphia, Pennsylvania Bank to Get an SBA Loan
Find Philadelphia, Pennsylvania banks that specialize in small business loans and know how to work with entrepreneurs. Commerce Bank is one such bank, as evidenced by this SBA loan to one business.
Finding a small business loan in New York, New York starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Commerce Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
NEW YORK, NY 10001
SBA Loan Lender
COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
4/30/2003
Loan Approval Gross Amount
$145,000
Loan Approval from the SBA
Of the total $145,000 loan amount, the SBA guaranteed $123,250.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 2 employees. The loan application indicated that the loan would help generate 8 new jobs and retain 2 existing jobs.
Start the Process for Getting an SBA Loan Today!
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
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:
Business Incubators
Find an SBA Lender in Philadelphia, Pennsylvania
SBA Participating Banks in Pennsylvania