Small Business Loans Pennsylvania: Gov. Wolf Speaks Out

by | May 3, 2022 | Business Finance | 0 comments

Small businesses are hurting everywhere right now. From Maine to New Mexico, small business owners are feeling the crunch. Between pandemic recovery and soaring inflation rates, America’s smaller companies can’t win right now. Fortunately, the states are starting to step up to help. When it comes to small business loans in Pennsylvania, the governor, Tom Wolf, is getting the message out there: small businesses need support. He’s rallying Pennsylvanians to stand behind their small local businesses.

Pennsylvania’s American Rescue Plan was designed to enable local shops and businesses to stay afloat during the most difficult of financial times. Governor Wolf is now calling on the general assembly to invest more in this plan. He is asking the group to allocate $225 million immediately to assist small businesses that are otherwise struggling to keep their doors open.

There is Hope, Pennsylvania

If the money were to be allocated to help small businesses, Pennsylvanians, according to Gov. Wolf, would see local job growth and more money being circulated in communities. This could be a massive boon for a state experiencing some difficulties in terms of overall financial recovery.

It isn’t just inflation that is hampering small Pennsylvania businesses right now. Between supply chain issues and labor shortages, entrepreneurs in some places are in full-on crisis mode. When first enacted in Pennsylvania, the American Rescue Plan helped over ten thousand businesses. The governor believes they can do this again by investing even more in small businesses.

Finding Small Business Loans Pennsylvania

Beyond the American Rescue Plan and Governor Wolf‘s current efforts, there are other ways for small Pennsylvania-based businesses to get the money they need. Traditional banks are lending to companies; however, getting a loan from a conventional lending institution can be difficult. Banks tend to stick with larger clients or their well-established clients. Taking a risk on a newer, smaller company is not something they are keen on doing.

Credit unions are another avenue from which to procure funding. However, as with traditional banks, their lending standards tend to be quite tight.

Many small companies are also turning to crowdfund platforms. With these, though, the money isn’t guaranteed. It also takes a great deal of marketing and advertising effort to reach your stated goal.

Then, of course, there are alternative lenders when it comes to small business loans in Pennsylvania. Increasingly, small business owners are turning to alternative and online lenders for their financial needs. The great thing about these lenders is that they take a big-picture approach. This means they are not just fixated on a credit score or a single number. They want to know who you are and how you add value to the economy.

Preparing Your Business Loan Application

Whether in Pittsburgh, Philadelphia, or Harrisburg, you can qualify for a business loan from an online lender. Some of the things that you may need to have ready for your application packet include:

  • Tax returns, both business and personal
  • Bank statements
  • Articles of incorporation
  • Any company leases you have
  • Financial statements, which include cash flow statements and profit and loss statements, among others
  • A business plan

Why Have a Business Plan?

Not all smaller companies take the time to generate a comprehensive business plan. This can be a big mistake. Especially if you intend to go for financing, having a business plan lends credibility to your endeavor. It shows the lender that you have long-term goals and created a company geared for growth. Remember, a lender is looking for why they should take a risk on you. A business plan can more effectively spell this out for them.

First Union Lending is Here to Help: Small Business Loans Pennsylvania

We work with numerous Pennsylvania-based businesses. Our clients range from Allentown to Williamsport to State College and everywhere. We want to see smaller businesses thrive and ultimately grow. This is why we do what we do. First Union offers short-term loans, SBA loans, and merchant cash advances, among other financing types. Even for those who do not have ideal credit scores, we might still have a funding solution for you. Call today.