Pennsylvania, the "Keystone State", a state in the Northeastern United States, is home to over 12.7 million people where Pennsylvania state's economy is thriving. Pennsylvania's economy is fueled by agriculture, energy production, education, technology, healthcare and manufacturing. Major Pennsylvania industries include food production, transportation equipment, chemicals, natural gas and steel.
Pennsylvania's small businesses are the backbone of its economy, accounting for a large majority of businesses in the state. But new and growing businesses face many challenges, including access to capital.
AdvancePoint Capital is a leading provider of fast business loans in Pennsylvania. We offer long term and short term loans, line of credit, invoice financing, government loans like an SBA Express loan and many other loan options to Pennsylvania small business that can't get bank loans or credit unions loans from local lenders.
How To Get A Small Business Loan in Pennsylvania?
There are a few different ways to get a small business loan in Pennsylvania. Entrepreneurs can go through a traditional lender like a bank, or you can work with an online lender like AdvancePoint Capital.
Working with a traditional lender like a bank can be a long and frustrating process. Banks typically have lengthy application processes and require extensive documentation putting borrowers through the ringer. They also have strict credit requirements, which can be difficult for new businesses to meet.
Entrepreneurs love online lenders like AdvancePoint Capital as we are a much faster and easier option than banks for Pennsylvania small business loans. We have a simple and straightforward application process, using technology, we can fund your loan in as little as 24 hours. Our credit requirements are more lenient, which can benefit newly established businesses that may have difficulty qualifying for traditional loans.
9 Best Loans for Pennsylvania Small Businesses (May 2023)
Pennsylvania Small Business Loans
A small business loan is a fixed term, fixed amount with a fixed payment. This is a great option when you know how much you need and what you are using the money for within your business.
The Small Business Administration (SBA) is the agency that administers SBA Loans. SBA loans offers long term business loans at attractive low interest rates and longer repayment terms. They require a lot of paperworkmay require additional collateral and investment of time and process but is worth it, if approved. An SBA Express loan is available with less paperwork and quicker turnaround times. SBA loans must me approved by an SBA preferred lender.
Merchant Cash Advance
When a business can't get approved for a traditional business loan program, Merchant Cash Advances offer a solution that allows for poor credit and requires limited documentation. This solution also allows payments to be repaid by a percentage of future credit cards.
Business Cash Advance
A great solution for businesses that can't get approved at a bank. Lower credit standards and limited amount of paperwork required. Flexible payback attached to future sales of the business. Business hours to get approved, not business days.
Business Line of Credit
Business lines of credit allow established businesses to draw money on demand up to a credit line limit. Great interest rates and flexibility.
Equipment loans and Equipment leases offer financing by using the new equipment purchase as collateral. Usually repaid over years and not months.
Invoice factoring provides the business owner who invoices clients the ability to get an advance off of an unpaid invoice before net terms are due. Great for improving speed of cash flow and reasonable rates.
Short Term Small Business
Short term loans offer higher approval rates and lower documentation. Quick turnaround from application to funding. Easier eligibility requirements. No business plan or financial projections required. Repayment period is usually with 18 months or less.
Long Term Business Loans
Long term financing is available for those businesses who are looking to expand and need to spread those costs out over years with affordable payments.
U.S. Small Business Administration
How to Grow Your Business in Eastern Pennsylvania
View the Eastern Pennsylvania Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
U.S. (SBA) U.S. Small Business Administration
Eastern Pennsylvania District Office
Why Does Your Business Need Financial Assistance?
The most common reasons Pennsylvania small businesses acquire capital for their business:
- Day-to-day operations
- Business Inventory
- Pay Bills
- Business Expansion
- Equipment Purchases
- Technology Investment
- Advertising/Marketing costs
Financial Assistance & Programs for Entrepreneurs and Federal Grants in Pennsylvania
CERTIFIED ECONOMIC DEVELOPMENT ORGANIZATIONS https://dced.pa.gov/cedo/
A network of nonprofit economic development organizations, known as CEDOs, partner with the Department of Community and Economic Development to administer the Pennsylvania Industrial Development Authority (PIDA), First Industries (FIF), and the COVID-19 Working Capital Access (CWCA) loan programs.
Pennsylvania Department of Community and Economic Development (DCED) Small Business Assistance – Pennsylvania DCED Small Business Assistance is a one-stop-shop for small business owners assistance resources like planning, registering, operating, navigating Pennsylvania's economy and growing a business. This allows business owners to work smart and live happily in Pennsylvania.
Pennsylvania Department of Community and Economic Development (DCED) Business One-Stop-Shop Fact Sheet – The fact sheet has an abundance of information and resources that outline small business owners assistance for everything from planning, development, and start-up to operating and expanding your small business.
Entrepreneur’s Guide Starting and Growing a Business in Pennsylvania – Download PA’s comprehensive small business assistance resource guide to help businesses launch in Pennsylvania. Here you’ll find expert small business assistance regarding building a business plan, registration, funding advice, and more information. Our e-guide is printer-friendly and eco-friendly!
Business Resources for Veterans – Download the Veterans Resources Fact Sheet to learn how to start or grow your business in Pennsylvania. From technical and registration help to securing funding for businesses, the DCED team can help with valuable information.
The Pennsylvania Diverse Business Financing Initiative – This initiative is the Pennsylvania state government’s programs committed to promoting diversity, inclusion, and small business opportunities. The Diverse Financing Initiative consists of capitalizing revolving loan funds managed by local economic development service providers, including Certified Economic Development organizations (CEDOs) and Community Development Financing Institutions (CDFIs). Learn more about the loan program.
The Pennsylvania Coronavirus COVID-19 Relief Statewide Small Business Assistance – COVID-19 Small Business Grants– The COVID-19 public health crisis has impacted every Pennsylvania based businesses. The newly implemented state budget includes $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act (CARES). The COVID-19 small business assistance program’s mission is to help small businesses impacted by COVID-19. The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program provides grants ranging from $5,000 to $50,000 to small businesses that have been impacted by COVID-19. This is not a first-come, first-served program. The second application window will be the final opportunity to apply for the program to get funds to businesses in need as quickly as possible.
Within this allocation, the Department of Community and Economic Development has been allocated $225 million in COVID-19 relief funds. These funds will go to small businesses through distribution by Community Development Financial Institutions (CDFIs) through the Pennsylvania CDFI network.
Pennsylvania Small Business Development Centers (SBDC) – While the PA SBDC does not provide government financing or loans, they provide you with the information and tools to finance your small business. It also provides information and development opportunities to Pennsylvania small businesses in the Keystone State.
Pennsylvania Association of Non-Profit Organizations (PANO) – Information on COVID-19 Funding Sources for Non-Profits
Why AdvancePoint Capital?
- Experience with Businesses in Pennsylvania – We have been providing financing in Pennsylvania for years.
- Trust – Excellent reviews and feedback from small business owners.
- Loan Specialists – Experienced business funding specialists in Pennsylvania.
- No Obligation – No cost, no commitment quotes.
- Products – A variety of business loan products for businesses in Pennsylvania.
Apply for Business Loans in Pennsylvania Today!
Getting a financing solution or financial advice in Pennsylvania can be troublesome. At AdvancePoint Capital, applying for a business loan is fast and easy with our simple application process. All you need to do is fill out our online form, and application page, and in just a few hours — you’re well on your way to getting yourself a business loan in Pennsylvania.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.