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Pennsylvania (PA) Small Business Loans

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By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Pennsylvania (PA) is arguably one of the most economically diverse states in the U.S. While it’s known for agricultural production, it’s also home to urban manufacturing centers, such as Pittsburgh, Philadelphia and Erie. It’s also a leader in innovation. 

Small businesses exist alongside larger corporations. Walk along many PA city streets, and you’ll see them lined with restaurants, grocers and other retail stores and businesses, many competing for the same customers.

To stay ahead of the competition and remain appealing to your customer base, sometimes you need help. Whether new product and service offerings, enhanced online features, renovated facilities or another perk, you could benefit from a PA small business loan. 

Here are a few lenders and resources to consider.


Pennsylvania’s Small Business Landscape

Pennsylvania is home to 1.1 million small businesses, according to the Small Business Administration (SBA). These businesses employ 2.5 million people.

Sectors employing the most small business workers include these:

  • Health care and social assistance
  • Accommodation and food services
  • Manufacturing
  • Retail 
  • Professional, scientific and technical services
  • Construction
  • Administrative, support and waste management
  • Wholesale trade
  • Transportation and warehousing
  • Finance and insurance

5 Banks for Small Business Loans in Pennsylvania

1. PNC Bank

PNC Bank made Forbes’ list of America’s Best Banks of 2021. It’s also earned an A+ rating from the Better Business Bureau (BBB). 

There are several types of Pennsylvania business loans here, including unsecured loans from $20,000 to $100,000 and small business vehicle financing from $10,000 to $250,000. 

Additionally, secured loans and commercial real estate loans are available from $100,001 to $3 million.

2. Northwest Banks

If you’re in search of SBA loans in Pennsylvania, you’ll find them here. This bank also made Forbes’ list of America’s Best Banks and has earned an A+ rating from the BBB. 

In addition to SBA financing, you’ll find these loan options:

  • Equipment loans
  • Business credit cards
  • Business lines of credit
  • Small business loans
  • Commercial real estate loans
  • Commercial term loans
  • Business construction loans

3. Infirst Bank

If you’re in the West-Central part of the state, check out this financial institution. Not only is Infirst Bank an SBA lender in Pennsylvania, but it also offers these loans: 

  • Real estate loans
  • Lines of credit 
  • Fixed asset loans

Infirst has the BBB’s A+ rating as well as a 5-star rating on WalletHub.

4. Centric Bank

Centric Bank is another SBA lender in Pennsylvania, and it’s earned a 5-star rating on WalletHub.

Other loan options available here include these:

  • Commercial real estate loans
  • Lines and letters of credit
  • Commercial term loans
  • Agricultural lending
  • Healthcare practice financing

5. Fulton Bank

Fulton Bank also made Forbes’ list of America’s Best Banks and earned the BBB’s A+ rating. Here you’ll find the following PA small business loans:

  • SBA loans
  • Real estate loans
  • Term loans
  • Lines of credit
  • Equipment financing

Alternative Forms of Small Business Financing in Pennsylvania

Often, conventional lenders, such as the 5 banks listed, are the places thought of for loans with competitive interest rates and terms. But they can have strict qualification minimums. They can also have long application and funding processes. 

Many business owners who are unable to meet bank requirements for approval or those looking for faster access to financing are now turning to alternative lenders. These lenders have online applications and offer quick approvals and easier access to capital. In exchange for convenience, financing terms are typically shorter, payments are more frequent and interest rates are elevated.

  • Applying for Small Business Funding in PA Through Fast Capital 360

    Whether you’re searching for an SBA loan or a merchant cash advance in Pennsylvania, we can help. Our lending partners offer small business loan rates for Pennsylvania businesses, starting at 6.25% for SBA loans and 7% for term loans. Merchant cash advances are available with factor rates starting at 1.10.

    Here’s how you’ll benefit:

    Speed

    Just a few minutes is all it takes to apply online. If you qualify, you’ll get approved quickly and funded fast.

    Multiple Offers

    We partner with lenders throughout the country to ensure you have access to a wide-reaching pool of financing options.

    Expert Guidance

    Review your PA small business loan rates and offers with your dedicated Fast Capital 360 Business Advisor. 

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Additional Resources for Pennsylvania Entrepreneurs

In addition to a small business loan for your Pennsylvania business, you could take advantage of resources in the state specifically for entrepreneurs. Here are a few.

Pennsylvania Small Business Development Center

The SBDC offers resources to educate entrepreneurs about different PA small business loan options available. Access frequently asked questions about business financing, watch videos or speak to one of the organization’s consultants. Get help with business planning, find information about business tax issues and more.

USA.gov

Head to this website and get help finding government-backed financing or other loans in your state. Get tips for accessing contracting opportunities at the state or local government level too. Also, find information about doing business in PA, importing and exporting, small business taxes, expanding a business or even starting a business, among other topics.

SCORE

This nationwide nonprofit has branches throughout PA. Find a mentor and get 1-on-1 advice at no charge. You can also browse the online library, where there’s access to free materials, including videos, articles and document templates. Sign up for a virtual or in-person workshop or seminar too.   

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