Disclosure: Our content isn't financial advice. Do your due diligence and speak to your financial advisor before making any investment decision. We may earn money from products reviewed. (Learn more)

Are you looking for Pennsylvania’s best business loans & startup financing companies? For your small business in the Coal State, many banks, credit unions, and unconventional lenders are offering different loan types. Pennsylvania is home to more than 1.1 million small businesses & these firms provide employment for 2.5 million people all over the Oil State.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 14 business loans and startup financing options in Pennsylvania to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Pennsylvania-based small company’s top startup lender. It will offer entrepreneurs a range of funding solutions to meet their needs. So, you can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Even if it’s been 6 months since you started this business, Swoop will consider your loan application!

2. Bridgeway Capital

At Bridgeway Capital, you can access an average amount of $350k, which alone makes it ideal for the #2 spot on this list. Loans range from $10,000 up to $5 million generally. This lender also operates in West Virginia and Ohio, providing ample funding to locals.

3. First National Bank of Pennsylvania

The First National Bank excels at high-quality commercial lending. You’ll get an average rate of interest of 5.80% at this lender. Also, the average loan amount you get from the First National is around $700,000. That’s why this bank is a prime lending partner for startups located in the Oil State today.

4. Pennian Bank

At the prestigious Pennian Bank, Pennsylvanian businesses can find amazing funding options that can help them reach new heights of success. So, you can apply for term loans, open new lines of credit, invest in commercial real estate, and do more. The fact that it operates in the Oil State exclusively is why Pennian Bank is ranked #4 on this list.

5. Northwest Bank

At the Northwest Bank, Pennsylvanian banks can easily find ample funding options that usually come with flexible terms & conditions and very competitive rates. The average rate of interest is below 4.90% and the average payout amount is also quite modest ($287,000).

6. Mid Penn Bank

This lender caters to the unique needs of small businesses located in Central Pennsylvania (& also NJ). So, this lender offers you competitive rates, 0 upfront deposit fees, in-house SBA deals & packaging, and diverse loan types. That’s how your business can stay profitable and always strapped with cash in this tiresome economy.

7. First Commonwealth Bank

We mentioned this banking establishment when talking about Ohio’s top 11 best business loans & startup financing companies. However, the First Commonwealth Bank also provides you with ample funding opportunities if your business is located in Pennsylvania. After all, 5.50% is the average interest rate here & $1.137 million is the average amount this bank approves as a loan.

8. WSFS Bank

WSFS Bank is yet another lending partner for small businesses in Pennsylvania. This lender is a prime lender for Delaware-based businesses, too. In Delaware, WSFS’ SBA Team provided more than $12.7 million in SBA 7(a) loans, and in Eastern Pennsylvania more than $41.9 million to support small businesses.

9. TD Bank

TD Bank can help your Pennsylvania-based business stay profitable for a long time. You can apply online for up to $250,000. If you need a loan or line of credit for more than $250,000, a TD small business specialist can help you apply for a small business loan today.   

10. Wayne Bank

Wayne Bank supports small businesses across different locations in Pennsylvania. The HQs of this banking establishment are in Honesdale, PA. You should check out this bank’s website and see what sort of lending options they have in store for Pennsylvanian businesses.

11. Orrstown Bank

Orrstown Bank can help Pennsylvanian companies get the money they need to pay employees and expand their business nationwide. This banking establishment provides small business loans to startups in Maryland and the Oil State. Loans up to $500k are available as working capital financing via this lender.

12. AdvancePoint Capital

We are mentioning AdvancePoint Capital again. This incredible lender helps small businesses based in the Coal State get much-needed funding. This lender supports 7,500+ businesses all over the United States. You may also apply for a microloan that starts from $10,000.

13. Customers Bank

Customers Bank has yet again made an appearance on this list. It caters to the funding needs of various businesses. So, Pennsylvanian companies can also benefit from Customers Bank. It has like $22 billion in assets with which this banking establishment can help Coal State startups grow into unicorns one day. It has branches in Colorado, Massachusetts, and Illinois as well.

14. Pursuit Lending

Another great method for Pennsylvania-based businesses to get ample funding is to contact Pursuit Lending. For instance, if you want to start a new business, Pursuit Lending will give you up to $350k as a SBA 7(a) loan. Microloan will give you up to $50,000 in startup financing!

Pennsylvania Government Resources

Check out these government resources about business grants/funding and startup financing options in Pennsylvania:

• PA Business One-Stop Shop
• ARPA Small Business Grants in Scranton, PA
• City of Philly, PA | Grants, Programs, Loans, and Other Resources
• Small Business Assistance in PA
• Starting a Business in Reading

Top Cities in Pennsylvania for Business Loans

Curious to know which Pennsylvanian cities are the best for business loans and startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Philadelphia
2. Pittsburgh
3. Allentown
4. Honesdale
5. Reading
6. Scranton
7. Bethlehem
8. Lancaster
9. Harrisburg
10. Orrstown (borough)
11. Chester
12. Wilkes-Barre
13. Lebanon
14. Pottstown
15. New Castle
16. Johnstown
17. West Chester
18. Easton
19. State College
20. Dunmore
21. Bensalem
22. Upper Darby
23. Sunbury
24. Monroeville
25. West Mifflin
26. Greensburg
27. Sharon
28. Carbondale
29. Hazleton
30. Titusville

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Oil State in this economy. Since SBA lending was up by almost 14% in Eastern Pennsylvania in 2023, it seems like a good time to look for lenders that can help your PA business reach new heights of success.

Now, choose a lender that offers you flexible loan terms and interest rates. So, check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.