Small businesses in Pennsylvania are always in need of an influx of spendable cash to grow and expand. And with up to a million small businesses in Pennsylvania, making up to up 98.2% of the state’s employers, it is clear to see how vital, small businesses are to the state’s economy.
With this staggering number of small businesses in PA comes several financing options, from private lenders to nonprofit organizations, banks, and credit unions. Most small businesses in Philadelphia have also taken advantage of the mind-blowing cash advance option offered by some reliable organizations in PA. Of course, getting the right funding is critical for your small business to establish, expand, and pursue its goals. Despite myriads of financing options in Philadelphia, not all loans are suitable. To help you navigate through several options, here are the best small business loan options in Philadelphia.
Long Term Business Loans
Long term business loans come with a duration greater than two years. The principal and interest are fixed. Its interest rate starts from 5.50%, while originating fees range from 0% to 3%. The payment could be monthly or biweekly. Long term business loans in PA are best suited for business expansion, growth, or financing large long-term projects.
Short Term Small Business Loans
If the long term business loan for Philadelphia small business has 2 to 10 years, the short term loan options are for 6 to 18 months. Most times, it costs more than traditional business loans. However, its ease of access and less paperwork make it more attractive to small businesses in PA.
Business Line Of Credit
The business line of credit, by its nature, is best for funding small purchases and working capital. It’s an open revolving line of credit, with an interest rate starting from 5.50%. Its payment could either be weekly, biweekly or monthly.
Small Business Credit Cards
The Business credit cards charge principal and interest rate on the credit limit. Most small business owners in PA pairs the small business credit cards with other business loan options.
Business Cash Advance
BCA or the Purchase of Future Sales Agreement is available for most small businesses in Philadelphia. Its factor rate ranges from 1.09% to 1.45%. And it comes with no term limit, which means payment continues till you have fully paid everything according to the agreement.
Small Business Administration (SBA) Loans
Finally, the most sought-after loan option in Philadelphia. The SBA loan is by far the best loan program. SBA loans are characterized by long terms (3 to 25 years), low rates, and many beneficial programs to boost business stability and boost cash flow.
Been short on cash is an inevitable part of owning any small business anywhere. Pennsylvania not an exception. But it could even get worse when you don’t know where to look or the best option for your business.
If your small business in PA is not quite ready for all these seemingly simple but demanding loan options, or you need to access funds quickly at the best rates, consider contacting Sky Small Business Loans 1700 Solly Avenue Philadelphia, PA 19152 (215) 876-2224 https://skybusinessloans.com/philadelphia-pa-branch.