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November 15, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Wyomissing, Business Loans > Sovereign Bank Wyomissing Business Loans > Industrial Process Furnaces And Ovens Loan | ||||
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SBA Lender Pennsylvania
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Williamsport, Pennsylvania Business Gets SBA-Guaranteed Funding from Sovereign BankSovereign Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Pennsylvania entrepreneur who tapped into the power of SBA loans. This business knew how to go about getting a business bank loan. Based in Williamsport, Pennsylvania, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Sovereign Bank, based in Wyomissing, Pennsylvania. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL PROCESS FURNACES AND OVENS SBA Loan Lender SOVEREIGN BANK This lender issued this commercial loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3567 - Industrial Process Furnaces and Ovens NAICS Code 562213 - Solid Waste Combustors and Incinerators Loan Approval Date 5/26/2006 Loan Approval Gross Amount $1,000,000 Loan Approval from the SBA Of the total $1,000,000 loan amount, the SBA guaranteed $900,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,000,000 loan. Remember, things become real when you believe you can achieve them! 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: The Friends and Family Network Find an SBA Lender in Wyomissing, Pennsylvania
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