Small Business Loans in Pennsylvania

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10 Small Business Loans in Pennsylvania

This list is a specialized exploration of small business lending in Pennsylvania, using data that can be independently verified. The lenders are ranked based on the number of small business loans they have dispensed this year.

Essentially, this highlights the financial institutions and lenders that are actively extending the most loans to small businesses in Pennsylvania.

(This is in contrast to other sites that often focus on nonprofits with limited lending capabilities and government programs that are inaccessible to many businesses.)

Takeaway: In Pennsylvania, both large and small banks have a presence in the small business loan industry.

Methodology: Our analysis draws from SBA 7a loan data, meaning all these lenders provide SBA loans. Additionally, we've cataloged other types of small business loans featured on their websites.

A challenge to note is that traditional banking institutions usually have strict criteria, such as high credit scores and a minimum of two years in business. Recognizing this barrier, our list begins with two alternative financing solutions aimed at helping small business owners with poor credit or those in the early stages of their business.

1. Credit Suite

Credit Suite operates in the business credit consulting and software sector, also providing two innovative financing alternatives.

Their Cash Flow Financing is tailored for business owners who have bad credit. It allows you to use your business's cash flow as a means for accessing adaptable financing. Instead of standard monthly installments, repayment is linked to a percentage of your regular cash flow.

Additionally, their Credit Line Hybrid is focused on funding based entirely on personal credit standing, sidestepping the need for detailed financial records, bank statements, or business plans.

It's particularly crafted for a wide range of businesses, from startups to established, with available funding ranging from $5,000 to $150,000.

Business financing options offered:

Credit Suite Cash Flow Financing
Credit Suite Credit Line Hybrid

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2. The Huntington National Bank

Huntington National Bank is renowned not only as a leading lender for small businesses in this state but also for being the highest issuer of SBA 7a loans across the United States.

This distinction ensures their place among the top 10 lenders in nearly all other states, demonstrating their strong affinity for working with small enterprises.

Beyond their SBA loan portfolio, Huntington also provides a diverse array of other financial services for small businesses, including equipment leasing, agricultural financing, and various real estate loan options.

Business financing options offered:

SBA 7a Loans
Equipment Leasing
Church Lending
Greek House Financing
Agricultural Loans
Warehouse Lending
Real Estate Loans, Term Loans, and Lines of Credit

3. TD Bank

TD Bank, a substantial banking entity, operates across all the East Coast states, with the exception of Georgia. With its extensive network of retail locations, they offer a comprehensive range of small business financing options. Notably, TD Bank is recognized as an SBA Preferred Lender.

They facilitate business loan applications through both online platforms and direct in-person submissions at their branches.

Business financing options offered:

Term Loans
Business Lines of Credit
Commercial Real Estate Loans & Mortgages
SBA Loans
Revolving Lines of Credit
Equipment Financing
Asset Based Lending
Supply Chain Financing
TD Business Solutions Credit Card

4. Manufacturers and Traders Trust Company

M&T Bank, with its main office in Buffalo, New York, boasts a substantial portfolio of business loans. Additionally, they provide a range of loan products designed specifically to serve various industry sectors.

Business financing options offered:

Business Lines of Credit
Business Credit Cards
Term Loans
Equipment Financing
Small Business Administration (SBA) Loans
Farm & Rural Business Loans
Restaurant Business Loans
Medical Practice Loans

5. PNC Bank

PNC, a significant national banking institution, operates numerous branches nationwide. Its large scale naturally leads to a broad selection of small business loans and a suite of five distinct business credit cards.

On their website, you can find essential information about the available loan amounts and terms for each type of financing. PNC facilitates the convenience of applying online and provides a comprehensive list of the necessary business documents required for each type of business loan application.

Business financing options offered:

Term Loans
Unsecured Small Business Loans
Secured Small Business Loans
Small Business Commercial Real Estate Loans
Secured Vehicle Finance Loans
Small Business Lines of Credit
5 Business Credit Cards

6. BayFirst National Bank

BayFirst National primarily specializes in SBA loans, as evident from their website which features slogans such as "Lightning Fast Business Loans!" and "In-house team, quick funding." A key strength is their internal underwriting team, ensuring both quick turnaround and professional expertise.

Given that SBA loans typically involve a lengthy funding process, BayFirst National's ability to expedite this is a significant benefit.

Business financing options offered:

SBA Loans
Commercial Real Estate Loans
Commercial Term Loans
Commercial Lines of Credit
Construction Loans
Heavy Equipment Financing

7. Northwest Bank

This Northwest Bank is headquartered in Pennsylvania (not the one in Iowa). It’s a mid-sized bank with branches throughout Pennsylvania, New York, Indiana and Ohio. They have a wide variety of business loans, including a few interesting ones you don’t see elsewhere.

Business financing options offered:

Lines of Credit
Equipment Financing
Business Vehicle Loans
Commercial Real Estate Loans
SBA Loans
Franchise Lending
Business Acquisitions
Partner Buyouts
Equipment Financing

8. Meridian Bank

A small regional bank based in Pennsylvania, with branches primarily in New Jersey, Maryland, and Delaware.

Business financing options offered:

Commercial & Industrial Lending
Commercial Real Estate Lending
Meridian Equipment Finance
SBA Loans

9. KeyBank

KeyBank, a moderately-sized financial institution, operates across 15 states and offers a solid range of small business loans.

On their website, you can find a dedicated section showcasing their commitment to diversity and inclusion, along with the accolades they've received for their efforts in this field. They make it a point to highlight this information, especially if these values resonate with you.

Business financing options offered:

Business Term Loans
Business Real Estate Borrowing
Small Business Lines of Credit
SBA Loans
Key Equipment Financing
3 Business Credit Cards

10. First Commonwealth Bank

First Commonwealth is a small, Pennsylvania-based bank with a good variety of business financing options. They're one of the few banks we've found that offer dealer retail financing for auto dealers.

Business financing options offered:

Business Line of Credit
Commercial Construction Loans
Commercial Real Estate Loans
Equipment Loans
Asset-Based Lending
Public Financing
Dealer Financing
SBA Loans
1 Business Credit Card

How to apply for a small business loan in Pennsylvania

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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