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Pennsylvania is an exceptional state for small businesses—over 80% of Pennsylvanian startups survive their first year, well above the national average. And a small business loan can be critical to help your business reach its goals in the Keystone State.
Pennsylvania might not be as flashy as some states on the coasts, but its small business economy is thriving. Beyond being home to two huge metropolises with Philadelphia and Pittsburgh, the state is a short drive to the bustling Northeast centers of commerce, like New York City and Boston, but with a much lower cost of living. If you want to open your doors in the Keystone State, there are many business loan opportunities to help make it happen.
As the name suggests, SBA loans are partly guaranteed by the Small Business Administration (SBA) and serviced by private lenders. The government backing means the interest rates can be lower, although the application process can be extensive.
Similar to how you would use a personal credit card, a line of credit is an amount of funds you can access as expenses arise. You then pay down any balance you used, plus interest.
Term loans are historically very popular loans for small businesses. They involve a large disbursement of capital upon approval that is repaid for years, sometimes even decades. For term loans, the application process can take awhile and term loan financiers might have more stringent requirements than alternative lenders.
With equipment financing, you repay the price of a needed piece of machinery as you are using it. The equipment itself serves as collateral for the loan so you can get started with your new toys upon signing.
If your business is cash-strapped due to unpaid invoices, accounts receivable financing can help your business keep chugging and with a very short waiting period. With this type of financing, your unpaid invoices act as collateral for a business loan.
Several groups service loans to small businesses that set up shop in Pennsylvania.
The Pennsylvania Industrial Development Authority (PIDA) provides low-interest loans and lines of credit to businesses developing industrial parks and multi-tenant facilities
Freedom Credit Union offers small business funding in many parts of Pennsylvania.
Mid Penn Bank also offers small business funding, including SBA loans, in many parts of Pennsylvania.
The Small Diverse Business Capital Access Program (SDBCA) targets entrepreneurs from traditionally underserved backgrounds.
Community First Fund (Merged with Finanta) offers small business loans to certain counties in Pennsylvania.
Pursuit offers multiple lending solutions to help business owners across Pennsylvania. The organization offers several loan products including SBA 504, SBA 7(a) and SBA microlaons.
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If you want to join the 1 million small businesses that call Pennsylvania home, start with PA Business One-Stop Shop, a fantastic resource set up by the state government. Be sure to also check out the Partnerships for Regional Economic Performance (PREP), a great group to join to network with other entrepreneurs and find partnerships in PA. For companies focused on tech and research, the Ben Franklin Technology Partners is a long-running resource that can connect your small business with funding and technological acumen.
If you’re interested in small business grants for Pennsylvanians, your first stop should be Pennsylvania Grant Watch, an updated list of grants available to entrepreneurs in the Keystone State. The state-run Small Business Advantage grant is a great option for smaller operations or farmers every year. The Pennsylvania 30-Day Fund is a program put together by Pennsylvanian business people that provides grants to companies that employ 30 people or fewer.
Once you figure out your business’ corporate structure—such as sole proprietorship or corporation—you can contact state authorities in Pennsylvania about registering your businesses and applying for any required permits. The state has an easy-to-follow guide for this. After you are legally set up in PA, you can apply for loans. Business loans in Pennsylvania will generally be based on your business plan, your business’ financial track record, and your personal credit score.
Deciding on a loan for your Pennsylvania business will hinge largely on your funding needs and your industry. Generally, you want to look for funding with lower interest rates, but many of these options take a long time for applications to get approved. You can start researching and comparing what national and local financiers can offer you on the Lendio platform today.
If you want to take advantage of Pennsylvania’s excellent regional location, bustling local economy, and relatively low cost of living, a business loan can help your company open and expand. In fact, a loan in Pennsylvania could likely go further than getting the same amount in more expensive areas like New York City, but you are still just a short distance from the business-centric Northeast Corridor.
An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.
SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.