Philadelphia EIDL Disaster Loans and SBA Grants in Pennsylvania

Philadelphia, Pennsylvania is the #6 ranked city based on population. 1,585,010 residents live in Philadelphia.

Philadelphia, Pennsylvania SBA Loans are a type of loan issued by the Small Business Administration (SBA). It provides either term loans or working capital to qualified small businesses through banks and other private lenders.

Philadelphia, Pennsylvania was considered a disaster area due to COVID, which allowed Philadelphia small business owners and those Pennsylvania residents that qualified to apply.

What are Philadelphia SBA Disaster Loans (EIDL and PPP)?

Philadelphia, PA, and all other major cities have multiple SBA loan programs, including the popular Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). 

In Philadelphia, PA news, the U.S. Small Business Administration (SBA) announced that the deadline to apply for the Pennsylvania Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic PA disaster declaration has been extended to December 31, 2021.

The Philadelphia, Pennsylvania Paycheck Protection Program (PPP) deadline has already expired.

SBA loans are a type of loan given by the US government that must be paid back over a period of time. This is a low-interest debt that the Small Business Administration guarantees. This means that if the borrower defaults on their payment, the federal government will cover it to protect against loss.

These loans are popularly used in business expansion and provide an easy way for a company to receive a loan when they have trouble borrowing from banks or traditional lenders.

What are Philadelphia SBA Grants?

Philadelphia, Pennsylvania SBA grants, unlike loans, do not have to be repaid with interest fees. These grants come from several sources, including the US Department of Education and state governments / agencies that run specific grant programs designed to give employers money to assist with training and education programs. 

The SBA loans are also used to recover from financial losses due to COVID and other natural disasters, such as floods, hurricanes, tornados, storms, fires, earthquakes, and other forms of natural disasters in Philadelphia, Pennsylvania.

Grants are often awarded to help Philadelphia, Pennsylvania small businesses offset the cost of employee training, or they can be used for start-up costs, such as new technology and equipment.

How Do SBA Disaster Loans Work in Philadelphia, PA?

Philadelphia, Pennsylvania banks and private lenders provide SBA loans to small businesses that may not qualify for traditional loans. The Small Business Administration guarantees these loans against default, helping the business obtain financing from a place they couldn’t get it before.

As the loan is guaranteed, the interest rates tend to be lower as well as monthly payments. This makes SBA loans very popular with those who need funding fast but don’t want an expensive payment plan.

In Philadelphia, Pennsylvania, many businesses have received this SBA loan help and were able to grow their companies thanks to this assistance from the SBA in PA.

How Many Philadelphia SBA Disaster Loans Can You Have?

Philadelphia, Pennsylvania and Federal law restricts the number of SBA loans that can be issued. This is to help promote competition in the small business lending market and prevent large companies from swallowing up smaller ones.

With some exceptions, the limit for how many SBA 7(a) loans a company can have depends on how much money it has already borrowed.

How Long Do Philadelphia SBA Loans Take to Process?

The Philadelphia, Pennsylvania SBA loan process from application to final approval can take anywhere from three weeks to several months. This is because Philadelphia city lenders need to make sure everything is in order before committing this size.

While every Philadelphia, Pennsylvania company’s situation is different, it typically takes between 7 to 10 days for a company to qualify and be approved for an SBA loan. It is reported that, on average, it takes approximately 9 more days for the funds to go through once you are approved.

How to Apply for Philadelphia EIDL, PPP, or SBA Loans?

In the past, a business owner would have to go through a lengthy application process and meet certain requirements before being approved for an SBA loan. Now, companies can apply online, in some cases taking less than 10 minutes.

Once you’re approved, it takes about 2 weeks for lenders to fund your account since this is how long it takes for the company’s underwriting department to review everything once they receive all of the necessary documents about you and your Philadelphia, Pennsylvania business.

You’ll also need to allow time for any additional documentation that may come up during the approval process, which can add another week or more to this period.

How to Qualify for Grants for a Small Business in Philadelphia?

Grants are given to companies through both state and federal agencies for several reasons, and based on fund availability. Most commonly, they are employed in matching grants where the company must provide some funding themselves.

Philadelphia, Pennsylvania’s small businesses qualify based on their revenue, employees, or even employees that work within specific minority groups or low-income areas.

How to Apply for Small Business Grants in Philadelphia?

A company can apply for SBA grants by filling out an application for Philadelphia, Pennsylvania. In addition, the US government has a listing of all their available grants, including those provided through the SBA.

You’ll need to compose a proposal that explains why you qualify for the money and how much will be used to assist with your business goals. This proposal can include written proposals, presentations, or other presentation material depending on what requires.

The total amount you receive depends on how much money is available for distribution each year, and there may be different rules depending on if it’s federal or state funding.

Nearest Philadelphia, PA Local SBA Office Address and Contact Information

In Pennsylvania, there are four offices:
King of Prussia, PA
Harrisburg, PA
Wilkes-Barre, PA
Pittsburgh, PA

Main SBA Assistance Office:
Eastern Pennsylvania District Office SBA Office

Address:
660 American Ave., Suite 301
King of Prussia, PA

Pennsylvania SBA Telephone and Email Contact Information:

Phone Number:
610-382-3062

Website:
https://www.sba.gov/offices/district/pa/king-of-prussia

Eastern Pennsylvania District Office

The Eastern Pennsylvania District Office is located at 660 American Ave., Ste. 301, King of Prussia, PA.   For program and service information, please contact the District Office at 610-382-3062.  The District Office also maintains Branch Offices in Harrisburg and Wilkes-Barre, PA to service businesses in northeast and central Pennsylvania.  The Harrisburg branch office is located at One Penn Center, 2601 North Third Street, Suite 503, Harrisburg, PA.  The Wilkes-Barre branch office is located at the Stegmaier Building, 7 Wilkes-Barre Blvd., Suite 400M, Wilkes-Barre, PA.

Harrisburg, Pennsylvania SBA Office 

1 Penn Ctr 2601 N 3rd St Suite 503
Harrisburg, PA
717-782-3840

Wilkes-Barre, Pennsylvania SBA Office 

7 North Wilkes-Barre Blvd Suite 4M
Wilkes-Barre, PA
570-826-6204

Pittsburgh, Pennsylvania SBA Office

411 Seventh Avenue Suite 1450
Pittsburgh, PA
412-395-6560
https://www.sba.gov/offices/district/pa/pittsburgh

The Pittsburgh SBA office is responsible for the delivery of SBA programs and services to 27 counties in western Pennsylvania.

Last year, the Pittsburgh District Office assisted hundreds of people through training, counseling and business-development programs.

The Pittsburgh SBA Office is committed to forming a closer partnership with lenders and with the community at large. Several agreements have been signed with companies and community organizations to increase lending and technical assistance to small businesses in the state of Pennsylvania.

Philadelphia, PA SBA Summary and Conclusion

Philadelphia, Pennsylvania SBA loans and grants can be a great resource for any company looking to expand its operations, and many Philadelphia, Pennsylvania businesses have benefited from this type of SBA financing. Do you think your small business could benefit from an SBA loan? Did you already apply for one? Or, were you turned down for a PPP, EIDL, or other SBA disaster loan in Philadelphia, Pennsylvania?

Share your thoughts in the comment section below.

Philadelphia, Pennsylvania Small Business Help: Get Loan Assistance for Your Business in Philadelphia

Was Your Philadelphia SBA Disaster Loan Denied?

Has your Philadelphia SBA disaster EIDL loan been denied?

We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business that was affected by COVID in Philadelphia, Pennsylvania.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your Philadelphia, PA business with the SBA Loan Reconsideration Process.

Need an Increase on Your Philadelphia SBA Disaster Loan?

Did you already receive a Philadelphia SBA EIDL disaster loan for your business?

We can assist your Philadelphia, PA business in requesting additional SBA EIDL loan funds through the increase request process.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your Philadelphia, PA business with the SBA Increase Request Process.

Cover Image Credit: 123RF.com / Milkos, IgorBondarenko / Disaster Loan Advisors.

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