Best Small Business Loans in Pennsylvania 2024: Finest Selection

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Best Small Business Loans in Pennsylvania

In 2023, the landscape for small business loans in Pennsylvania is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Pennsylvania LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Pennsylvania. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Pennsylvania. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Pennsylvania banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Pennsylvania

We will discuss Pennsylvania’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Pennsylvania. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Pennsylvania LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

What is the best small business bank in Pennsylvania?
The best small business bank in Pennsylvania will depend on your specific financial needs, such as account features, fees, and loan options.
Which banks in Pennsylvania offer small business checking accounts?
Many banks in Pennsylvania offer small business checking accounts, including PNC Bank, Citizens Bank, and BB&T.
What is the interest rate on small business loans at banks in Pennsylvania?
The interest rate on small business loans at banks in Pennsylvania can vary depending on the specific bank and loan program.
How do I open a small business account at a bank in Pennsylvania?
To open a small business account at a bank in Pennsylvania, you will generally need to provide documentation such as identification and tax forms.
Can I apply for a small business loan at a bank in Pennsylvania online?
Many banks in Pennsylvania allow small business owners to apply for loans online, though you may need to meet certain eligibility criteria.
What types of small business loans are available at banks in Pennsylvania?
Banks in Pennsylvania may offer a variety of small business loan options, including equipment financing and lines of credit.
What is the maximum loan amount available for small businesses at banks in Pennsylvania?
The maximum loan amount available for small businesses at banks in Pennsylvania will vary depending on the bank and loan program.
Do banks in Pennsylvania offer SBA loans?
Yes, many banks in Pennsylvania offer SBA loans, which are backed by the Small Business Administration.
Can I get a business credit card at a bank in Pennsylvania?
Yes, many banks in Pennsylvania offer business credit cards with various rewards and perks.
Which small business bank in Pennsylvania has the lowest fees?
The small business bank in Pennsylvania with the lowest fees will depend on your specific banking needs.
Can I access my small business bank account online in Pennsylvania?
Yes, most banks in Pennsylvania provide online banking services that allow small business owners to manage their accounts.
What is the best small business bank in Philadelphia?
The best small business bank in Philadelphia will depend on your specific banking needs, but some options include TD Bank, WSFS Bank, and Wells Fargo.
Can I make deposits into my small business account at ATMs in Pennsylvania?
Many banks in Pennsylvania allow small business owners to make deposits at ATMs, but you will need to check with your specific bank.
Are there any small business grants available in Pennsylvania?
Yes, there are small business grants available in Pennsylvania through various government programs and non-profits.
What is the difference between a small business checking account and a personal checking account in Pennsylvania?
Small business checking accounts in Pennsylvania offer features and benefits specifically designed for the needs of small business owners, while personal checking accounts are meant for individuals.
Is there a minimum balance requirement for small business checking accounts at banks in Pennsylvania?
Yes, many banks in Pennsylvania require a minimum account balance in order to avoid fees.
Can I get business insurance through a bank in Pennsylvania?
Some banks in Pennsylvania may offer business insurance options, but you should also consider the services of independent insurance providers.
What kind of support does a bank in Pennsylvania offer for small businesses?
Banks in Pennsylvania may offer financial guidance, access to education and resources, and a network of other small business connections to support their clients.
Can I switch my small business bank account to a different bank in Pennsylvania?
Yes, you can switch your small business bank account to a different bank in Pennsylvania at any time.
What happens to my small business bank account if I move out of Pennsylvania?
If you move out of Pennsylvania, you can either keep your bank account with your current bank or open a new account with a bank in your new location.
Do small business owners need to pay taxes on bank account interest in Pennsylvania?
Yes, depending on the amount of interest earned, small business owners may be required to pay taxes on their bank account interest in Pennsylvania.
Can I get a business loan if I have bad credit in Pennsylvania?
It may be more difficult to secure a business loan with bad credit in Pennsylvania, but some banks and lenders still offer options for borrowers with less than perfect credit.
Which banks in Pennsylvania offer rewards for small business credit cards?
Many banks in Pennsylvania offer rewards for small business credit cards, such as cash back or travel rewards.
Can I withdraw money from my small business account at ATMs in Pennsylvania?
Yes, small business owners can typically use ATMs to withdraw money from their accounts.
Do banks in Pennsylvania provide small business mortgages for commercial real estate?
Yes, banks in Pennsylvania may offer small business mortgages for commercial real estate, including office space or retail locations.
Is there a penalty for closing a small business bank account in Pennsylvania?
It depends on the specific bank, but some banks in Pennsylvania may charge an early closure fee or other penalties for closing your small business bank account.
What kind of customer service can I expect from small business banks in Pennsylvania?
Small business banks in Pennsylvania generally provide helpful and personalized customer service to their clients.
Can I get payroll services through a bank in Pennsylvania for my small business?
Yes, some banks in Pennsylvania offer payroll services for small businesses, including direct deposit and management software options.
What are the best small business banks in Pennsylvania?
The best small business banks in Pennsylvania are PNC Bank, First National Bank, and Bank of America.
What makes PNC Bank a good option for small businesses in Pennsylvania?
PNC Bank has a range of small business banking products and services, as well as local knowledge and experience.
What sets First National Bank apart from other small business banks in Pennsylvania?
First National Bank offers a personalized approach to small business banking, with individualized support and innovative solutions.
Can non-Pennsylvania residents use PNC Bank for small business banking?
Yes, PNC Bank offers small business banking to customers nationwide.
What are the fees associated with First National Bank’s small business banking services?
Fees vary depending on the specific product or service, but First National Bank aims to keep fees competitive and transparent.
Does Bank of America have a strong presence in Pennsylvania?
Yes, Bank of America has a significant presence across Pennsylvania and offers a range of small business banking products and services.
What is the minimum deposit required to open a small business account with PNC Bank in Pennsylvania?
The minimum deposit requirement for small business accounts with PNC Bank can vary based on the specific account type and needs of the business.
How does First National Bank support the growth and development of small businesses in Pennsylvania?
First National Bank offers innovative tools, resources, and personalized expertise to help small businesses succeed and grow in Pennsylvania.
Does Bank of America offer online banking for small businesses in Pennsylvania?
Yes, Bank of America offers a range of convenient online banking options for small businesses, including mobile banking and online bill pay.
What types of loans does PNC Bank offer for small businesses in Pennsylvania?
PNC Bank offers a range of small business loans, including term loans and lines of credit, to help businesses meet their financial needs in Pennsylvania.
How can First National Bank help small businesses stay competitive in Pennsylvania’s marketplace?
First National Bank offers innovative solutions, borrower-to-banker connections, and a local, personalized approach to help small businesses thrive in Pennsylvania.
What are the benefits of using Bank of America for small business online banking in Pennsylvania?
Bank of America’s online banking platform offers a fast, simple, and secure way for small businesses in Pennsylvania to manage their finances and payments.
Is PNC Bank a good option for business checking accounts in Pennsylvania?
Yes, PNC Bank’s business checking accounts offer a range of features and benefits to help businesses manage their daily finances in Pennsylvania.
Does First National Bank have a mobile app for small business banking in Pennsylvania?
Yes, First National Bank offers a mobile banking app that allows small businesses in Pennsylvania to manage their finances, make payments, and more.
How does Bank of America support socially responsible businesses in Pennsylvania?
Bank of America offers a range of sustainable finance products and services, as well as special initiatives to support socially responsible small businesses in Pennsylvania.
What resources does PNC Bank offer to help Pennsylvania small businesses achieve their financial goals?
PNC Bank offers a range of digital tools, resources, and personalized support to help small businesses in Pennsylvania manage their finances and grow.
Does First National Bank offer merchant services for small businesses in Pennsylvania?
Yes, First National Bank offers a range of merchant services, including credit card processing, for small businesses in Pennsylvania.
What are the requirements for opening a business account with Bank of America in Pennsylvania?
The specific requirements for opening a business account with Bank of America can vary based on the type of account and needs of the business.
What benefits does PNC Bank offer for small business savings accounts in Pennsylvania?
PNC Bank’s small business savings accounts come with a range of features and benefits, including online and mobile banking, overdraft protection, and more.
How can First National Bank help small businesses manage their cash flow in Pennsylvania?
First National Bank offers cash management solutions, including remote check deposit and sweep account options, to help Pennsylvania small businesses manage their cash flow effectively.
Does Bank of America offer business credit cards for small businesses in Pennsylvania?
Yes, Bank of America offers a range of business credit cards with features and rewards tailored to meet the needs of small businesses in Pennsylvania.
What are the benefits of using PNC Bank for small business loans in Pennsylvania?
PNC Bank’s small business loans come with competitive rates, flexible repayment terms, and personalized service to help Pennsylvania small businesses achieve their financial goals.
Does First National Bank offer support for women-owned small businesses in Pennsylvania?
Yes, First National Bank offers specialized support and resources for women-owned small businesses in Pennsylvania.
How does Bank of America support new small businesses in Pennsylvania?
Bank of America offers guidance, resources, and financing solutions specifically designed to help new small businesses in Pennsylvania get off the ground.
Can small businesses in Pennsylvania access all of PNC Bank’s services and products online?
Yes, PNC Bank offers a range of online banking options for small businesses in Pennsylvania.
What distinguishes First National Bank’s small business lending solutions from other banks in Pennsylvania?
First National Bank offers responsible, innovative solutions tailored to meet the individual needs and goals of business owners in Pennsylvania.
Does Bank of America offer support for veteran-owned small businesses in Pennsylvania?
Yes, Bank of America offers a range of specialized services and resources specifically designed to support veteran-owned small businesses in Pennsylvania.
What is the process for applying for a small business loan with PNC Bank in Pennsylvania?
The application process for small business loans with PNC Bank can vary depending on the type of loan and the specific needs of the business.
How does First National Bank help small businesses navigate financial challenges in Pennsylvania?
First National Bank offers personalized, tailored advice and solutions to help small businesses in Pennsylvania overcome financial challenges and achieve their goals.

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Conclusion

As Pennsylvania, also known as The Keystone State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Pennsylvania economy.

When looking for the best small business loans in Pennsylvania, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Pennsylvania LLC or growing your existing LLC in Pennsylvania, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Pennsylvania.

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