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Top SBA Lenders in Philadelphia
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | TD Bank | Wilmington, DE | 162 | $118,867 | 11.2% |
| 2 | Newtek Bank | Miami, FL | 40 | $764,775 | 11.6% |
| 3 | M&T | Buffalo, NY | 34 | $128,559 | 11.1% |
| 4 | Wilmington Savings Fund Society | Wilmington, DE | 26 | $712,654 | 9.9% |
| 5 | Northeast Bank | Lewiston, ME | 22 | $180,859 | 10.8% |
| 6 | BayFirst National Bank | Saint Petersburg, FL | 21 | $145,010 | 12.8% |
| 7 | Readycap Lending, LLC | Berkeley Heights, NJ | 20 | $219,545 | 12.7% |
| 8 | Wells Fargo | Sioux Falls, SD | 18 | $85,494 | 13.0% |
| 9 | United Midwest Savings Bank | De Graff, OH | 16 | $258,375 | 10.7% |
| 10 | Meridian Bank | Malvern, PA | 15 | $571,133 | 10.4% |
| 11 | Huntington Bank | Columbus, OH | 15 | $356,900 | 10.4% |
| 12 | Woori America Bank | New York, NY | 13 | $975,000 | 9.7% |
| 13 | Asian Bank | Philadelphia, PA | 12 | $175,583 | 9.0% |
| 14 | Live Oak | Wilmington, NC | 11 | $1,014,545 | 9.5% |
| 15 | Fulton Bank | Lancaster, PA | 9 | $519,667 | 10.6% |
| 16 | Firstrust Savings Bank | Conshohocken, PA | 8 | $1,604,388 | 9.8% |
| 17 | PromiseOne Bank | Duluth, GA | 8 | $441,250 | 9.2% |
| 18 | Univest Bank and Trust Co | Souderton, PA | 7 | $319,714 | 10.6% |
| 19 | PNC Bank | Wilmington, DE | 7 | $234,457 | 10.0% |
| 20 | Lendistry SBLC | Los Angeles, CA | 7 | $177,571 | 12.4% |
Top Industries for SBA Loans in Philadelphia
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 12 | All Other General Merchandise Retailers | 2 | $100,000 | 12.4% |
| 17 | All Other Miscellaneous Retailers | 3 | $1,391,667 | 9.5% |
| 17 | Architectural Services | 4 | $605,000 | 10.0% |
| 8 | Baked Goods Retailers | 3 | $233,333 | 10.5% |
| 14 | Barber Shops | 2 | $248,000 | 11.6% |
| 2 | Book Retailers and News Dealers | 3 | $60,867 | 11.3% |
| 9 | Breweries | 2 | $662,500 | 10.3% |
| 11 | Car Washes | 2 | $750,000 | 12.3% |
| 10 | Coin-Operated Laundries and Drycleaners | 4 | $572,000 | 10.0% |
| 11 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 2 | $210,000 | 10.0% |
| 14 | Commercial and Institutional Building Construction | 3 | $180,000 | 11.4% |
| 12 | Convenience Retailers | 6 | $160,167 | 11.1% |
| 12 | Couriers and Express Delivery Services | 2 | $532,500 | 10.5% |
| 16 | Drinking Places (Alcoholic Beverages) | 6 | $595,833 | 10.7% |
| 8 | Fine Arts Schools | 3 | $23,333 | 12.9% |
| 8 | Furniture Retailers | 3 | $309,833 | 11.6% |
| 19 | General Freight Trucking, Local | 7 | $34,429 | 10.7% |
| 20 | General Freight Trucking, Long-Distance, Truckload | 7 | $36,357 | 11.5% |
| 14 | Mobile Food Services | 2 | $102,500 | 9.0% |
| 7 | Motor Vehicle Towing | 2 | $15,000 | 10.5% |
| 12 | Nail Salons | 3 | $75,000 | 11.8% |
| 1 | New Multifamily Housing Construction (except For-Sale Builders) | 5 | $310,000 | 10.8% |
| 20 | New Single-Family Housing Construction (except For-Sale Builders) | 3 | $183,333 | 11.7% |
| 2 | Offices of Podiatrists | 2 | $305,000 | 9.5% |
| 17 | Offices of Real Estate Agents and Brokers | 2 | $87,500 | 10.2% |
| 9 | Other Activities Related to Real Estate | 3 | $273,333 | 10.3% |
| 19 | Other Services to Buildings and Dwellings | 3 | $178,733 | 10.0% |
| 13 | Poured Concrete Foundation and Structure Contractors | 3 | $1,536,000 | 9.8% |
| 5 | Private Mail Centers | 3 | $409,000 | 8.1% |
| 4 | Promoters of Performing Arts, Sports, and Similar Events with Facilities | 3 | $310,333 | 10.8% |
| 2 | Record Production and Distribution | 2 | $32,500 | 10.1% |
| 7 | Remediation Services | 2 | $200,000 | 11.0% |
| 3 | Specialized Freight (except Used Goods) Trucking, Long-Distance | 2 | $30,000 | 10.7% |
| 15 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 4 | $1,235,000 | 11.4% |
| 1 | Used Merchandise Stores | 2 | $262,000 | 10.6% |
| 17 | Vending Machine Operators | 2 | $140,000 | 10.3% |
Finding the right SBA lender in Philadelphia can be the key to unlocking the funding your business needs. Whether you’re expanding, purchasing equipment, or managing cash flow, we connect you with top SBA lenders in Philadelphia and nationwide. Click “Connect me to a Philadelphia Lender” now to find the best financing options for your business!
Top SBA Lenders in Philadelphia | Philadelphia SBA Loans
Introduction
Philadelphia is a thriving business hub with a strong entrepreneurial community, spanning industries like healthcare, technology, and finance. However, many small business owners face challenges in securing capital. SBA loans in Philadelphia offer an excellent financing solution, providing low-interest rates, long repayment terms, and accessible funding for businesses that may not qualify for traditional loans. Whether you need funding to expand, purchase equipment, or manage working capital, an SBA loan can help propel your business forward.
SBA Lending in Philadelphia: Last Year Overview
SBA lending plays a vital role in supporting small businesses in Philadelphia. Here’s an overview of last year’s SBA lending activity:
- Total SBA Loans Issued: $110,402,000
- Number of SBA Loans: 294
- Average Loan Amount: $375,517.01
- Average Interest Rate: 11.49%
- Jobs Supported: 3,407
- SBAlenders.com City Ranking: #25 in the U.S.
These figures highlight the importance of SBA loans in Philadelphia, ensuring small businesses gain access to crucial funding while fostering job creation and economic growth.
Why Lenders Choose Us
Lenders work with us because we simplify the SBA loan process, ensuring business owners secure the best financing options available. Here’s why lenders trust us:
- Extensive Network of SBA-Approved Lenders: We connect businesses with the top SBA lenders in Philadelphia and nationwide.
- Efficient Loan Application Process: Our system streamlines approvals and reduces unnecessary paperwork.
- Expert Business Loan Guidance: Our team helps business owners navigate SBA loan requirements to maximize their chances of approval.
- Tailored Loan Matching: We analyze each business’s needs and match them with the most suitable lenders.
- Proven Success: Thousands of businesses have secured SBA funding through our platform, helping them expand and create jobs.
By working with us, lenders can efficiently support small businesses while ensuring successful loan outcomes.
Overview of SBA Loan Program in Philadelphia
The SBA 7(a) loan program is the most flexible SBA loan option, designed to support various business needs. Here’s what you need to know about SBA loans:
- Loan Size: Up to $5,000,000
- Loan Term: 10 years for non-real estate loans; 25 years for real estate loans
- Interest Rates: Slightly higher than conventional loans, negotiated with lenders within SBA’s maximum interest rate
- Use of Loan Proceeds: Business acquisitions, real estate purchases, equipment financing, debt refinancing, partner buyouts, franchise openings, and working capital
- Down Payment: Typically 10% to 20%
- Credit Score Requirement: 680+ is ideal, with a minimum of 640 for consideration
- Collateral: Not required, but all available collateral must be pledged
SBA loans are designed for businesses that may not qualify under traditional lending standards, offering lower down payments, longer repayment terms, and fewer financial restrictions.
Surrounding Areas
Business owners in nearby areas may also find SBA lending opportunities in these cities:
Bensalem, Camden, Cherry Hill, Chester, Conshohocken, Darby, Doylestown, King of Prussia, Levittown, Malvern, Media, Norristown, Upper Darby, West Chester, Wilmington.
Resources for Small Businesses in Philadelphia
Philadelphia business owners have access to valuable resources to support their growth:
- Philadelphia SBA District Office – Provides assistance with SBA loan programs and applications.
- SCORE Philadelphia – Offers free business mentoring and workshops.
- Small Business Development Centers (SBDC) – Provides consulting services for small businesses.
- Philadelphia Chamber of Commerce – Connects business owners with networking and funding opportunities.
Summary
SBA loans continue to be a key funding source for small businesses in Philadelphia, providing necessary capital to fuel business growth and job creation. With competitive interest rates, flexible repayment terms, and strong business support, securing an SBA loan could be the key to your business’s success. If you’re looking for the best SBA lenders in Philadelphia, explore your options today and take the next step toward securing the right financing.