First Commonwealth Bank SBA Loan to Eating Places Company
First Commonwealth Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Pennsylvania entrepreneur was able to get a loan to take a small business to the next level.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pittsburgh, Pennsylvania was able to borrow $742,000 from First Commonwealth Bank. The SBA made the loan possible by guaranteeing $556,500 of this Pennsylvania small business loan.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
PITTSBURGH, PA 15219
SBA Loan Lender
FIRST COMMONWEALTH BANK
RTE 220 & N JUNIATA ST
HOLLIDAYSBURG, PA 16648
This SBA loan was provided by a lender with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan applications to the SBA get more expeditious service from the SBA on their loan applications.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
3/18/2004
Loan Approval Gross Amount
$742,000
Loan Approval from the SBA
Of the total $742,000 loan amount, the SBA guaranteed $556,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 14 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from First Commonwealth Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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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