Philadelphia, Pennsylvania Bank Gives SBA Loan to Eating Places Company

Thinking about meeting with a Philadelphia, Pennsylvania bank about an SBA loan? Here's one Pennsylvania business loan, issued by a Philadelphia bank, that was approved by the SBA.

Applying for an SBA loan with Firstrust Savings Bank worked out well for our friends at one local firm in Philadelphia, Pennsylvania. They received an SBA loan for $115,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
PHILADELPHIA, PA 19149

SBA Loan Lender

FIRSTRUST SAVINGS BANK
1931 COTTMAN AVE
PHILADELPHIA, PA 19111

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/21/2003

Loan Approval Gross Amount

$115,000

Loan Approval from the SBA

Of the total $115,000 loan amount, the SBA guaranteed $97,750.

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 7 employees. This SBA loan request did not indicate that the company planned to use the funding to add employees or retain any existing employees.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Firstrust Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Firstrust Savings Bank 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.

Related Links:

Business Incubators

Best Philadelphia, Pennsylvania Banks for Small Business

Getting an SBA Loan in Pennsylvania