Port Richmond Savings Gives Small Business Loan to General Automotive Repair Shops Company

Searching for a Pennsylvania bank loan? This Pennsylvania entrepreneur got a bank loan, provided by a Pennsylvania bank that works with the SBA to help small business owners.

Getting a small business loan in Philadelphia, Pennsylvania was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Port Richmond Savings. Here are the details on this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
PHILADELPHIA, PA 19125

SBA Loan Lender

PORT RICHMOND SAVINGS
2522 E ALLEGHENY AVE
PHILADELPHIA, PA 19134

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

10/29/2001

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

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 4 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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