Philadelphia's population is over 1.5 million and is part of the Delaware Valley, which includes southeastern Pennsylvania, southern New Jersey, and New Castle County, Delaware, which, as a whole, creates a massive powerhouse of economic activity.
Small businesses in Philadelphia bring innovation and vitality to the local economy. These businesses contribute significantly to job creation and economic growth, creating opportunities for individuals to pursue their passions and build successful careers.
From trendy cafes to thriving tech startups, Philadelphia is home to a diverse range of small businesses making their mark on the world. It's heartening to see the city's small business community continue to thrive, and we at AdvancePoint Capital are proud to support them through our business financing solutions.
Acquiring A Small Business Loan in Philadelphia
If you're looking for a business loans in Philadelphia, you have a few options. You can go to a bank, credit union, or other financial institution and apply for a loan. Or, you can work with an online lender.
Advancepoint's network of online lenders offers business loans of up to $1,000,000 for businesses of any size. We work with companies in a variety of industries, including manufacturing, retail, and healthcare. And we have a team of experts who are ready to help you find the right loan for your business. To get started, fill out our online form or give us a call.
9 Best Loans for Philadelphia Small Businesses (October 2023)
SBA Loans are backed by loan guarantees to encourage lending to small business by SBA approved lenders. These loans come with great rates and terms, but require substantial paperwork and qualifications to get approval.
Merchant Cash Advance
A merchant cash advance is a credit card receivables advance that allows you to leverage your credit card sales for funding now. A great alternative to traditional financing with a simple fast application process.
Business Cash Advance
A business cash advance is a revenue based advance that allows you to leverage your revenue deposits for cash now with a flexible repayment process. Fast, simple application process.
Business Line of Credit
A business line of credit is a revolving credit facility, like a credit card, that allows you to draw funds up to a credit limit while only paying interest on the amount you borrow. You can draw or pay down and save interest at any time. Application process is simple and fast.
The best way to finance equipment is through an equipment lease or loan. The application process is quick and the terms range from 2 to 7 years because the new equipment is being used as collateral.
If you invoice your clients, then invoice factoring is a great way to get an advance on an invoice you issue, accelerating payment so you don’t have to wait the net terms to get the invoice paid. All done for a reasonable fee. Simple approval process to access quick cash and improve cash flow.
Long Term Business Loans
Business owners consider a long-term business loan because they offer lower installment payments than short-term financing. This allows for large expansions that require a lot of capital yet have payments that the business can afford.
U.S. Small Business Administration
How to Grow Your Business in Philadelphia
View the Philadelphia Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
Common Uses of Proceeds from Business Financing
- Access to Working capital
- Equipment Financing
- Inventory management
- Business expansion
- Business development
- Cash flow management
- Emergency funds
- Advertising and marketing expenses
- Employee hiring and training
- Economic development initiatives
- Real estate acquisition
- Any other legitimate business purpose or use
Additional Resources and Information
Advice and Tips Philadelphia Area Small Business Loans
When looking for financing for your business, start with who are you going to use to find the best products to meet your qualifications and needs. Identify the following when shopping for business financing
- Interest Rates: Not all lenders are the same. When given the interest rate make sure to compare offers with multiple lenders.
- Repayment Terms: Always take the time to review repayment terms. Ask yourself if you can handle the payments out of your profit and loss.
- Fees and Charges: Get full disclosure of any upfront fees, origination fees, or any hidden charges associated with the business financing agreement. Evaluate the total cost of borrowing money for your business.
- Eligibility Criteria: Understand what you can and cannot qualify for. lender's and product eligibility differ. Review all factors related to your qualifications so you apply for the right business financing product.
- Read the fine print of Agreements and offers: Look at all terms, conditions, and responsibilities as the borrower including guarantees and penalties.
- Lender Reputation: Check the reputation of the lender or originator by looking at online reviews, ratings, and feedback.
- Application and Approval Process: Discover what that application process consists of and what is required. Learn how long it takes from application, to offer, to approval, to funding.
- Customer Support: Consider how well they answer questions, how responsive the support you get from your loan originator and whether are they attentive to your requests, concerns, and needs.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.