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December 22, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Philadelphia, Business Loans > Citizens Bank Of Pennsylvania Philadelphia Business Loans > Formal Wear And Costume Rental Loan | ||||
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Raising Money in Reading, Pennsylvania With SBA Loans
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Citizens Bank Of Pennsylvania Gives Business Loan to Formal Wear And Costume Rental CompanySmall business loans in Pennsylvania are are few and far betweeen these days. We take a look at one Pennsylvania small business loan, provided by a Pennsylvania bank, that was approved by the SBA. You can learn something about getting a small business loan in Reading, Pennsylvania by studying this loan to a local company, made back in 2004. Banks like Citizens Bank Of Pennsylvania may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: FORMAL WEAR AND COSTUME RENTAL SBA Loan Lender CITIZENS BANK OF PENNSYLVANIA 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 532220 - Formal Wear and Costume Rental Loan Approval Date 4/28/2004 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $37,500. 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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. 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. Related Links: Raising VC Money for Social Networking Companies Who Lends Money to Small Businesses in Philadelphia, Pennsylvania Getting a Business Loan in Pennsylvania
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