Small Business Loans in Pennsylvania


If you’re looking for a small business loan in Pennsylvania, we’ve gone through the data to identify the top lenders in the state.

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Find a small business loan

Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.

Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.

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10 Best Small Business Loans in Pennsylvania

Key Terms

  • Be sure to have a business plan to present to small business loan lenders to use as a way to showcase the financial stability and viability of your company.
  • If you do not have a business credit history established, the owner’s personal credit score could be a factor in determining if the borrower qualifies.
  • Lenders take on risk when providing small business loans, which is why credit scores are important, and why many lenders charge an interest rate higher than other loans.
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You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.

Fundera

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Fundera

(All 50 States)

Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.

With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.

Loan Products

  • SBA 7(a) Loans: The most popular SBA loan program, offering up to $5 million in funding for nearly any business purpose.
  • SBA CDC/504 Loans: Ideal for real estate and equipment purchases, offering up to $5.5 million in funding.
  • SBA Express Loans: Fast funding up to $350,000 for businesses in need of quick capital.
  • SBA Microloans: Small loans up to $50,000 for startups and small businesses.
Lender Facts
Minimum Loan

$500

What We Do
  • $500 to $5.5 million in funding
  • Terms up to 25 years
  • Funding in as little as 7 days
  • No prepayment penalties
  • No collateral required for most loans
  • 690 minimum personal credit score
Not Available
  • No businesses with less than 690 personal credit score

For small business owners, Pennsylvania has much to offer. This Mid-Atlantic state sits in the Great Lake region of the country on Lake Erie. It is one of the largest states by population, with over 13 million people calling it home, though about 4 million of those people are located in the Delaware Valley metro area near Philadelphia. Other cities, including Pittsburgh, Allentown, Erie, Scranton, Reading, and Bethlehem, provide their own diverse economies and lifestyles. Whether from the mountainous areas to the densely forested regions, Pennsylvania has a lot of natural beauty. Each city is unique, offering its own lifestyle benefits, local economy, and schools. For a small business, there are a lot of reasons, then, to get started here.

Pennsylvania’s economy is quite diverse. Its larger businesses and industries include industrialization, especially along the Great Lakes regions, where steel production was critical to the formation of the area. Today, there are many other companies including in areas such as banking, agriculture, and manufacturing. The Hershey Company, H.J. Heinz, and U.S. Steel still call this state home. Yet, it is a strong small business state as well. The U.S. Small Business Administration shares that there are 1.1 million small businesses operating in the state as of 2022. Those businesses have created 2.6 million jobs for the people of the Keystone State, generating $115,777,358 in payroll to help support households. These businesses are in many industries.

To grow, most companies need capital, and to obtain that capital, they often need to borrow. Small Business Administration data for the last three years shows there are 4,603 small business loans in place in the country. Those loans have a value of $2,653,104,599. In PA, the average loan size is $576,386. Companies use those funds for a variety of purposes, often growing, staying competitive, and driving the success of their businesses. Lenders are readily available to help meet those capital needs, offering competitively priced loans to fit the needs of most lenders.

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How small business loans work in Pennsylvania

Pennsylvania small businesses often need to tap into the capital from lenders to fund the growth and development of their businesses. Numerous opportunities exist to do that in PA. Small business lenders often include banks and credit unions, private lenders, and specialized lending institutions. Many of these loans are backed by the Small Business Administration, providing lenders with a bit more confidence that their money is safe while helping small businesses to obtain lower interest rates and better funding availability.

Small business loans are a type of investment made by lenders into companies. The company receives the capital infusion it needs and then agrees to repay the amount borrowed along with interest over a period of 5, 10, or more years. These monthly payments tend to be affordable for the company, and the capital enables businesses to invest in a wide range of needs, such as new equipment, more employees, new products or services, marketing, and even product research. PA small business lenders offer a range of loans to meet these needs, including:

  • Bank loans
  • SBA loans from SBA.gov
  • Business term loans
  • Business lines of credit
  • Equipment financing

To obtain a PA small business loan, companies typically need to meet specific requirements. This often includes having a company that has fewer than 100 employees. Most lenders want to see the financials of the company, such as the balance sheet, bank statements, profit and loss statements, and other data that shows the amount of earnings the company has and the amount of revenue they can dedicate towards loan repayment.

Most lenders also want to see data about the company itself, such as information about its industry, services or products, competition, and overall market analysis. A business plan is a good way to showcase this information. Lenders may also want to consider the overall credit history of the company and the owner as a way to judge the amount of risk the lender is taking on.

At the startup or new business phase, most entrepreneurs use their own funds to bootstrap and launch. A local economic development office might be able to share with you more information about grants or alternative business financing for new companies. Plenty of business resources, including details about assistance programs, small business grants, and resources for nonprofits, may be shared as part of your regional small business development center.

Business financing for established companies, though, usually means a direct loan, working capital loan, or other loan. Financing options will depend on the financial institution you work with, as each lender has their own repayment terms, interest rates, credit score requirements, loan application, and other eligibility rules.

Once you intend to expand, look into all financial assistance from the state government or federal government such as tax credits, in addition to local economic development organizations. If you’ve exhausted these resources, however, Pennsylvanians with established businesses should look into microloans and other small business loans.

For those businesses ready to expand, the investment in Pennsylvania small business loans is often ideal. It takes some careful consideration and comparison of lenders to determine which can offer the best amount of capital for needs but also keep costs affordable overall.

10 Biggest small business loan lenders in Pennsylvania

Pennsylvania small business loan lenders ranked by loans issued in the state.

RankBank Name# of Pennsylvania LoansAvergage Interest RateAverage Loan Size
1Huntington National Bank2145.59%$207,942
2M&T Bank1376.59%$199,668
3KeyBank805.83%$267,400
4TD Bank807.45%$169,829
5Meridian Bank795.23%$1,064,354
6WSFB Bank795.23%$829,181
7Northwest Bank524.88%$287,581
8First Commonwealth Bank455.50%$1,137,253
9First National Bank of Pennsylvania445.79%$702,632
10Live Oak Banking Company445.25%$1,241,552

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1. Huntington National Bank

Founded in 1866 and based out of Columbus, Ohio, with branches in 11 states and $179 billion in assets to meet its customers’ needs, Huntington National Bank has much to offer. Huntington National Bank has a number of products and services to meet personal and business banking needs.

We reached out to Huntington National Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • SBA Preferred Lender
  • Offers the SBA 7(A) Loan Program, SBA 504 Loan Program and SBA Express.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

2. M&T Bank

Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.

We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Nationally recognized Top 10 SBA lender
  • SBA Preferred Lender
  • New and established businesses can apply
  • Flexibility in use of funds, such as renovations or working capital
  • No prepayment penalties for terms under 15 years
  • SBA guarantee fees waived up to $500,000

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

3. KeyBank

KeyBank is headquartered in Cleveland, Ohio, and offers a wide range of banking and investment products to meet the needs of its members. KeyBank provides services for businesses and individuals with products such as small business loans and personal and business checking and savings to meet all of its customers’ needs.

We reached out to KeyBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • SBA Preferred Lender since 1997
  • Offers the SBA 7(A) Loan Program, SBA 504 Loan Program, SBA Express and SBA Export Working Capital Program.
  • Loan amounts can be up to $12 million.
  • Available for small businesses that may not meet conventional lending standards.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

4. TD Bank

TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.

We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Preferred SBA Lender
  • #1 SBA Lender on the East Coast
  • Offers the SBA 7(A) Loan Program, SBA 504 Loan Program and SBA Express Loans.
  • Down payments as low as 10% across both SBA loan programs.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

5. Meridian Bank

Meridian Bank was founded in 2004 to meet the needs of the people and businesses in the community. Starting in Maryland, Meridian Bank now has locations to serve customers in Maryland, Delaware, and Pennsylvania for both business and personal banking customers with products, including business loans and checking accounts.

We reached out to Meridian Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Top 50 SBA Lender nationally
  • SBA Preferred Lender
  • Offers the SBA 7(A) Loan Program, SBA 504 Loan Program, SBA Express and SBA Export Working Capital Program.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

Other resources for small businesses in Pennsylvania

To help support the growth of companies, Pennsylvania businesses may wish to tap into some of the best free resources available today.

The Small Business Administration in Pennsylvania offers a lot of support for smaller companies. That includes helping them to borrow funds, but also tools to establish the company, marketing, hiring employees, government legal requirements, and taxation help. Local businesses are able to meet with SBA team members or use the educational programs and resources on the organization’s website. The key here is that there is no cost for this type of support.

Gathering hands-on support to help learn to start up, grow, and overcome competition is a bit more difficult to obtain. That is why SCORE is such a valuable local tool. This organization connects newer companies with successful business professionals through mentorship programs. The online tools and resources, as well as workshops, seminars, and video conferences, also help to encourage better support for smaller companies.

Looking for a small business loan in a different state?

If you want to find the best small business loans in other states, click on your state below.

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Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.

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