Citizens Bank Of Pennsylvania SBA Loan to Iron And Steel Forging Company

Citizens Bank Of Pennsylvania has a track record as a leading provider of SBA loans. Find out how this Pennsylvania entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pittsburgh, Pennsylvania was able to borrow $5,900 from Citizens Bank Of Pennsylvania. The SBA made the loan possible by guaranteeing $2,950 of this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: IRON AND STEEL FORGING
PITTSBURGH, PA 15208

SBA Loan Lender

CITIZENS BANK OF PENNSYLVANIA
2001 MARKET ST, STE 600
PHILADELPHIA, PA 19103

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

332111 - Iron and Steel Forging

Loan Approval Date

11/4/2005

Loan Approval Gross Amount

$5,900

Loan Approval from the SBA

Of the total $5,900 loan amount, the SBA guaranteed $2,950.

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 2 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 3 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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.

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