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Looking for a loan for your small business in the City of Brotherly Love? Learn what financing options are available and which ones could fit you best.
Philadelphia’s close proximity to large cities like New York, Boston, and D.C.—as well as its large, diverse talent pool—make it the ideal place to launch a business. If you’d like to make your small business dreams come true in the City of Brotherly Love, small business loans in Philadelphia should be on your radar.
There is no shortage of small business loans in Philadelphia, making it important to shop around and compare your options. As you do your research, you’re bound to come across these popular options.
SBA loans are backed by the U.S. Small Business Administration and given by SBA-approved lenders. If you have good credit, you may qualify for up to $5 million in funding with terms of up to 25 years. Funds can be used on startup costs, equipment, working capital, real-estate, and more.
A line of credit is a revolving loan, so you can withdraw funds from it whenever you’d like, up to a set credit limit. It works a lot like a credit card, but typically comes with lower interest rates and larger borrowing amounts.
Term loans are traditional business loans. Once you take one out, you’ll receive a lump sum of money at once. Then, you’ll repay it plus interest over an agreed upon term, which can range from a few years to several years or longer.
If you need to purchase equipment for your small business, equipment financing can come in handy. Depending on the lender, you can finance up to 100% of its costs. An equipment loan is ideal if you depend on equipment to operate smoothly, but don’t have the cash to cover it up front.
Accounts receivable financing is when you sell your unpaid invoices to a company. The company may then advance you anywhere from 70% to 90% of the invoices and collect payments from your customers. Once they receive the payments, they’ll distribute the remaining invoice amount, minus a fee.
Several local organizations provide small business funding resources in Philadelphia.
PIDC, Philadelphia’s public-private economic development corporation, offers a number of business builder loans, including working capital and equipment loans, commercial mortgage loans, and contract lines of credit.
You can also lock in small business financing through Philadelphia Federal Credit Union. Its product line includes working capital lines of credit, micro business lines of credit, fixed or adjustable term loans, and commercial mortgages.
Hyperion Bank is another option with SBA loans, business loans and lines of credit, commercial real estate and construction loans, and standby letters of credit.
The Philadelphia Business Lending Network connects small businesses in the city with and provides access to small business funding to nonprofit and for-profit lenders.
Philadelphia’s Department of Commerce is partnering with Kiva to provide funding to financially excluded and socially impactful entrepreneurs in the area.
Pursuit Lending works with Philadelphia-based entrepreneurs to help provide them with funding for their small businesses.
United Bank of Philadelphia provides financing to small businesses in the city through the SBA’s 7(a) loan program.
Community First Fund provides business loans and microloans to small businesses in Philadelphia.
Originating over $1.25 billion in SBA 7(a) loans in the past 14 years, 44 Business Capital is a trusted SBA loan provider in the Philadelphia area.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
The City of Philadelphia’s official website is full of resources to help you plan, launch, and manage your business. As a business owner in the area, you can also take advantage of networking and marketing opportunities through the Philly Chamber of Commerce. The CCPA is also worth exploring as it hosts monthly networking and educational events and advocates for small businesses. In addition, the Urban League of Philadelphia has an Entrepreneurship Center with coaches who can support you with marketing, sales, strategic planning, and other business services.
The Philadelphia COVID-19 Small Business Relief Fund, which is administered by the Department of Commerce and Philadelphia Industrial Development Corporation (PIDC), offers grants for small businesses who have been impacted by the pandemic. With Pennsylvania’s Small Business Advantage Grant, you can receive funding to create a more energy-efficient organization. You may be eligible if your business has 100 or fewer full-time employees.
A Philadelphia small business loan can make it easier for you to start or grow your venture. Whether you need to cover startup costs, like insurance and marketing, or could use some help with working capital or equipment expenses, a small business loan can be a great option, especially if you can secure a competitive rate and favorable terms.
Before you take out a Philadelphia business loan, you’ll need to figure out your business structure (sole proprietorship, LLC, etc.), receive a business tax number, and apply for a Commercial Activity License. The City of Philadelphia Business Services website can point you toward the right direction.
You’ll also be required to obtain an employer identification number through the IRS and city tax account number from the Philadelphia Tax Center. Then, you’ll be ready to apply. As you go through the process, keep in mind that lenders will consider factors like your credit score and annual revenue.