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June 10, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Harrisburg, Business Loans > Sovereign Bank Harrisburg Business Loans > Business Services Loan | ||||
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Business Loans from Sovereign Bank
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Harrisburg, Pennsylvania Business Gets SBA-Guaranteed Funding from Sovereign BankSovereign 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. This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Sovereign Bank, out of Harrisburg, Pennsylvania. The loan was granted and they received $24,000 to help grow their Harrisburg, Pennsylvania business. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender SOVEREIGN BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services NAICS Code 541350 - Building Inspection Services Loan Approval Date 5/10/2001 Loan Approval Gross Amount $24,000 Loan Approval from the SBA Of the total $24,000 loan amount, the SBA guaranteed $20,400. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: SBA 7A Banks in Harrisburg, Pennsylvania
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