Wyomissing, Pennsylvania Bank Lends Money to Piece Goods, Notions, And Dry Goods Merchant Wholesalers Company in Philadelphia, Pennsylvania

A Wyomissing, Pennsylvania SBA loan can be yours. Learn how one firm got a $300,500 business loan from this Pennsylvania bank.

This loan to a local firm is a good example of an SBA loan. Sovereign Bank made the loan and the SBA guaranteed a portion of the loan. Many other Pennsylvania entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: PIECE GOODS, NOTIONS, AND DRY GOODS MERCHANT WHOLESALERS
PHILADELPHIA, PA 19130

SBA Loan Lender

SOVEREIGN BANK
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610

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

424310 - Piece Goods, Notions, and Dry Goods Merchant Wholesalers

Loan Approval Date

3/24/2006

Loan Approval Gross Amount

$300,500

Loan Approval from the SBA

Of the total $300,500 loan amount, the SBA guaranteed $225,375.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 2 existing jobs.

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

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sovereign Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Getting a Small Business Loan

SBA Banks in Wyomissing, Pennsylvania

Getting a Business Loan in Pennsylvania