As a small business owner in Pennsylvania, you may need a bridge loan to cover expenses while waiting for long-term financing. In this situation, you may wonder where to find reputable bridge loan providers in the state. Here are some of Pennsylvania’s top bridge loan providers and their details.
1. PNC Bank
PNC Bank is a traditional bank that offers bridge loans to small businesses. Their bridge loan program is designed to provide financing to bridge the gap between the need for capital and the availability of long-term financing. PNC Bank offers flexible terms and competitive interest rates, and their loan officers work closely with borrowers to tailor loan terms to their specific needs.
2. Fundation
Fundation is an online lender that offers bridge loans to small businesses. Their bridge loan program is designed to provide fast access to capital to cover short-term financial needs. Fundation’s bridge loans have flexible repayment terms and competitive interest rates. The application process is streamlined, and funding can be provided in as little as one business day.
3. Celtic Bank
Celtic Bank is a Utah-based bank that offers bridge loans to small businesses nationwide, including in Pennsylvania. Their bridge loan program is designed to provide financing to bridge the gap between the need for capital and the availability of long-term financing. Celtic Bank offers competitive interest rates and flexible terms, and their loan officers work closely with borrowers to tailor loan terms to their specific needs.
4. Balboa Capital
Balboa Capital is an online lender that offers bridge loans to small businesses. Their bridge loan program is designed to provide fast access to capital to cover short-term financial needs. Balboa Capital’s bridge loans have flexible repayment terms and competitive interest rates. The application process is streamlined, and funding can be provided in as little as one business day.
5. Kabbage
Kabbage is an online lender that offers bridge loans to small businesses. Their bridge loan program is designed to provide fast access to capital to cover short-term financial needs. Kabbage’s bridge loans have flexible repayment terms and competitive interest rates. The application process is streamlined, and funding can be provided in as little as one business day.
6. LoanBuilder
LoanBuilder is an online lender that offers bridge loans to small businesses. Their bridge loan program is designed to provide fast access to capital to cover short-term financial needs. LoanBuilder’s bridge loans have flexible repayment terms and competitive interest rates. The application process is streamlined, and funding can be provided in as little as one business day.
7. OnDeck
OnDeck is an online lender that offers bridge loans to small businesses. Their bridge loan program is designed to provide fast access to capital to cover short-term financial needs. OnDeck’s bridge loans have flexible repayment terms and competitive interest rates. The application process is streamlined, and funding can be provided in as little as one business day.
Final Thoughts
If you’re a small business owner in Pennsylvania in need of a bridge loan, there are a number of reputable lenders to choose from. PNC Bank, Fundation, Celtic Bank, Balboa Capital, Kabbage, LoanBuilder, and OnDeck are just a few of the top bridge loan providers in the state. Be sure to compare loan offers from different lenders to find the best option for your business’s needs.
FAQs
What is a bridge loan?
A bridge loan is a short-term loan that is used to provide financing to bridge the gap between the need for capital and the availability of long-term financing.
How are bridge loans different from traditional loans?
Bridge loans are designed to be used for short-term needs and typically have higher interest rates than traditional loans. They are also typically easier to qualify for than traditional loans.
What types of expenses can a bridge loan be used for?
A bridge loan can be used to cover a variety of short-term expenses, including payroll, rent, inventory, and other operational costs.
What are the eligibility requirements for a bridge loan?
The eligibility requirements for a bridge loan vary depending on the lender, but typically include factors such as credit score, time in business, and revenue.
How long does it take to get a bridge loan?
The time it takes to get a bridge loan varies depending on the lender and the borrower’s financial situation. Some lenders may be able to provide funding in as little as one business day, while others may take longer.
How much can I borrow with a bridge loan?
The amount you can borrow with a bridge loan depends on the lender and your business’s financial situation. Some lenders may offer bridge loans up to $500,000 or more, while others may have lower limits.
Can I use a bridge loan to refinance debt?
Some lenders may allow borrowers to use a bridge loan to refinance debt, but this is not always the case. It is important to check with the lender to see if this is an option.
What happens if I can’t repay the bridge loan?
If you are unable to repay the bridge loan, the lender may take legal action to recover the funds, including seizing collateral or taking legal action against the borrower. It is important to carefully consider your ability to repay the loan before applying for a bridge loan.
