Small Business Loans In Pennsylvania
The business climate in Pennsylvania varies from one end of the state to the other. Philadelphia has that go-go, fast-paced east coast vibe. Pittsburgh offers a low-cost environment that attracts creatives. The smaller centers between them are home to tough owners that are no strangers to adversity.
Businesses in all three areas, from time-to-time, need access to small business loans in Pennsylvania. Experienced and new business lenders in Pennsylvania are all too happy to help them. In this guide, we only list of the best of these players.
The lenders we promote process applications quick, approve more applicants than the banks, and operate honestly. They also deal with SMEs exclusively. If you’re after small business loans Philadelphia or small business loans in Pittsburgh, you’ll find a great lender in the list below.
Best 3 Lenders in Pennsylvania
Additional Business Loan Options in Pennsylvania
On top of our list presenting the best business loans for small businesses in Pennsylvania, which is focused on online, quick, lending for the most part, there are also local business lenders and business loan brokers available in Pennsylvania. Read our short reviews below:
Approved Business Lending (approvedbusinesslending.com) is a business financing loan network that helped more than 100,000 small businesses by approving loans and grants. As per the website, the Approved Business Lending company offers Commercial Real Estate loans, Quick Business Funding, and an Unsecured Line Of Credit. The company’s headquarter is located in Huntingdon Valley.
Neighborhood Progress Fund (npfp.org) is a nonprofit small business loan network. As per the website, the Neighborhood Progress Fund company served more than 20 years in the Philadelphia area to enhance economic growth by investing $32 million. The Neighborhood Progress Fund company offers multiple services such as Business Lending, Business Advisory, Personal Lending, and Training. The company’s headquarter is located in Philadelphia.
Fairway Loans (fairwayloans.com) is a business loan network that starts in 1957. As per the website, the Fairway Loans company offers multiple loans and funding programs such as Consumer Use loans, Working Capital, and Equipment Purchases. The company headquarter is located in Luzerne, PA.
Atlantic Equipment Finance (atlanticef.com) is an equipment financing network for small businesses. As per the website, the Atlantic Equipment Finance company offers multiple funding and loan programs to small businesses such as Commercial loans, Commercial leases, Startup programs loans, and Private Party sales.
Creative Capital Partners (ccpbusinessloans.com) is a financing and broker company. As per the website, the company Creative Capital Partners offers multiple financing options to small businesses such as Business loans, Commercial Real Estate loans, Bridge loans, Hard Money Loans, and Business Acquisition funding.
Lehigh Financial Group (lehighfinancialgroup.com) is a loan broker company that deals in small business and commercial real estate lending. As per the website, the company Lehigh Financial Group offers multiple loan and funding programs to small businesses such as Conventional Financing, SBA 7(A) program, No Income Verification loans, Rehab and Bridge loans, Commercial Mortgage Backed Securities, Fast Cash Working Capital loans, and Equipment Leasing.
Benetrends (benetrends.com) is a business loan and funding company. According to the Benetrends company website, they offer different loans and funding programs such as SBA loans, Startup Loans, ROBS 401(k) funding, Franchise funding, Small Business Funding, and Securities Backed Line Of Credit.
Rotay Capital Finance (rcfinance.com) is a business loan company that approximately funded $100 million in a loans program. According to the Rotay Capital Finance company website, they offer different businesses loans program such as Commercial Real Estate loans, Account Receivable loans, Equipment Leasing, and unsecured Line Of Credit.
MBFS (mbfs.org) is a business loan company that helped people to grow their businesses. As per the website of MBFS company, they approved approximately $210 million in loans and funding programs. The company offers multiple loans and funding programs such as Business Loan Program, Credit Services, Loan Servicing, SBA loans, and Loan origination.
Commonwealth Capital (commonwealthcap.com) is a loan and funding company to grow your businesses with the best loan programs. According to the Commonwealth Capital Company website, they offer different loan programs such as Bridge loans, Line of Credit, Construction Loans, and Mini-Perm. The company’s headquarter is located in Pennsylvania, United States.
Loanability (loanability.com) is a professional loan funding company. As per their website, the Loanability company offers various funding options such as Line of Credit, Business loans, Receivables Funding, and other funding programs.
Pennsylvania Small Business At A Glance
Pennsylvania, with its diverse set of industries, has one of the most vibrant economies in America. It ranks sixth in the nation and 22nd globally. If Pennsylvania were a sovereign nation, it would have a larger economy than developed countries like Turkey or Switzerland.
Pennsylvania has two major cities – Philadelphia and Pittsburgh. Philadelphia is part of the heavily urbanized Mid-Atlantic region, as it sits between NYC and Washington DC. Philly has strong finance, professional services, and technology sectors. This city played a central role in America’s independence. For this and other reasons, Philadelphia also has a significant tourism sector.
Pittsburgh sits on the eastern edge of the Rust Belt. While its former star sector has declined in recent decades, this city is still a force in manufacturing. Today, Pittsburgh is a rising star in the tech world, thanks to its affordability and its hip reputation.
The smaller cities, towns and countryside between Pennsylvania’s two urban areas are defined by agriculture and manufacturing. Farmers raise crops such as apples, mushrooms, Christmas trees, and wine grapes. In small industrial cities like Erie and Bethlehem, manufacturers assemble everything from locomotives to medical devices.
This revelation may surprise some, but most employers in Pennsylvania are actually SMEs. According to the Small Business Administration, 98.2% of private employers in 2019 were small firms. Moreover, these companies employed 46.9% of all working-age people in the Commonwealth.
However, these enterprises don’t have the bank accounts that the big guys do. When their business gets vandalized, or the economy dives, entrepreneurs can suddenly find themselves in a jam. When this happens, though, access to small business loans in Pennsylvania can save these companies. In every community and online, business loan broker Pennsylvania can provide the capital needed to get through a tough stretch.
Why Do Entrepreneurs Need Small Business Loans In Pennsylvania?
Pennsylvania offers entrepreneurs a multitude of opportunities. From servicing significant corporations in Philadelphia to opening a “made-in-America” manufacturing operation, you can do it all. However, we won’t sugarcoat it – you’ll inevitably run into issues while doing business in the Commonwealth.
Pittsburgh and other smaller cities in Pennsylvania are affordable places to live and do business. However, they are cheap for a reason. Through the 2000s and much of the 2010s, the economy throughout much of central and western PA was stagnant. Many manufacturing jobs got moved overseas. Persistently tanking demand for coal has shut mines. As a result, the need for certain types of products/services can be low here. Even with lower rents, you may struggle to pay bills at times.
Philadelphia has the exact opposite problem. As a thriving mid-Atlantic city, the cost of living/business is high, especially when compared to the rest of PA. You’ll find Philadelphia’s priciest rates in University City, where you’ll find average rents of $46 per square foot. While that’s noticeably cheaper than NYC, one downturn is all it takes to land one in financial trouble.
That’s where the top business lenders in Pennsylvania come in. When financial problems strike, they offer timely small business funding Pennsylvania. They even have those with past struggles covered, as they have packages that provide small business loans in Pennsylvania for bad credit.
When things are going your way, they also have your back. Need to expand your assembly line fast? These brokers offer quick business financing Pennsylvania that will allow you to catch up with demand.
The best business lenders in Pennsylvania won’t have you sitting on your hands for weeks. On approval, you’ll often have cash in your hand within 24 hours. How can they do this? While the banks slept, they pioneered software that analyzes risk in new, innovative ways. As a result, they can take on more “risk”, and be okay in the long run.
Want to leave the banks behind? Check out our list of licensed business loan broker Pennsylvania at the start of this guide.
Grants & SBA Lenders Available To Pennsylvania Small Businesses
From day to day, small businesses keep our economy running. If they aren’t propped up in times of challenge, recessions are made worse, and recovery takes longer. As a result, the Commonwealth of Pennsylvania offers grants, tax credits, and other incentives to SMEs.
If your business needs a boost, check out the following list. One of these initiatives might be the break you’ve been searching for.
- The Pennsylvania First Program (PA First) is a program that provides grants and loan guarantees to encourage investment and job creation within Pennsylvania. Small businesses can use funds for training, equipment, infrastructure improvements, environmental remediation, and working capital. Applicants must prove that acquired funds will have a substantial economic impact and/or create jobs.
- The Global Access Program (GAP) helps Pennsylvania SMEs improve their international exports. Successful applicants can get up to 75% of trade show, marketing, and website improvement costs reimbursed up to $5,000. Applicants must be in good standing with the SBA and prove they are export-ready.
- The Industrial Sites Reuse Program (ISRP) offers financial assistance to companies looking to develop buildings/infrastructure on brownfield sites. Successful applicants can receive up to $200,000 in grants/loans for environmental assessments and up to $1 million for remediation. Applicants must supply 25% matching funds for grants, and must not have contributed to current pollutants on the brownfield site.
- The Alternative and Clean Energy Program (ACE) provides grant funding to Pennsylvania small businesses involved in the development of clean energy projects/technologies. Grants of up to $2 million are available to successful applicants. In return, applicants must be able to match grant funding dollar-for-dollar.
Don’t want to wait on the government for grant funding? Business lenders in Pennsylvania can get you an SBA-backed loan, fast. You’ll find plenty of small business financing Pennsylvania, as the backing of the federal government dramatically reduces risk. Even better SBA small business funding Pennsylvania comes with low-interest rates and extended repayment terms.
The best business lenders in Pennsylvania that have SBA loans are as follows:
- TD Bank
- The Huntington National Bank
- Northwest Bank
- First Commonwealth Bank
Pennsylvania, after a period of struggle in the 2000s, is coming back strong. Philadelphia is one of America’s most vibrant cities, while Pittsburgh is the latest cool tech hub. When you look beneath the surface, it is clear that SMEs that have led this state’s resurgence.
Every day, one million Pennsylvania small businesses contribute massively to this state’s success story. If you want to join them, you’ll probably need some small business loans Pennsylvania eventually. When you do, check out one of the SBA-approved business lenders in Pennsylvania in this guide. Scroll to the top, and start searching for the one that fits you best.