There's nothing more exciting than running your own business! And perhaps nothing quite as challenging. Throughout our long history as a community bank, JVB has helped generations of Central and North Central PA small business owners succeed. We understand the unique challenges small businesses face because we've always preferred to partner with our business neighbors. Local shops and companies work hard to stay ahead of bigger competitors, confront disruptions from technology, and strategically expand while maintaining the values and qualities that won their customers' loyalty. JVB believes that the success of one community business is good for all local businesses. We are proud to be an SBA-approved lender to small business owners in Centre County, Huntingdon County, Juniata County, McKean County, Mifflin County, Perry County, and Potter County as well as nearby Snyder, Dauphin, and Franklin counties. Wherever you are in your entrepreneurial journey, we treat every customer with the same respect and friendly, personal service.
What is an SBA loan and how do they work?
The U.S. Small Business Administration (SBA) administers loan programs for the purpose of helping small business owners start a new company and purchase or expand an existing small business. There are several loan types to choose from. They can be used for general working capital or for a specific purchase such as business real estate or equipment. The main benefits of SBA loans are their flexibility, low maximum interest rates, waived guaranty fees for smaller loans, lack of balloon terms or prepayment penalties, and federal backing.
The federal government guarantees SBA loans made by approved lenders. This enables small business owners to obtain financing with smaller down payments, no minimum loan amount, and flexible repayment schedules. Community banks are also known for their willingness to lend to small and local businesses. Partnering with an SBA lender like JVB can make all the difference when it comes to the decision-making process for your loan application. Local banks are more likely to make loans based on a relationship with the business owner. We also have more flexibility to tailor the terms of the loan to meet your business needs.
SBA Loan Requirements and How to Apply
JVB's experienced business lending team can help you navigate SBA loan requirements. From deciding how much to apply for, to gathering the necessary supporting documents, you'll appreciate the personalized support we offer at every stage of the application process. Generally, you'll need to demonstrate how long you've been in business, your personal credit history as well as your business finances, and your ability to repay the loan. You must also show your inability to obtain other types of small business financing. Some SBA loans come with free counseling and education to help you as you grow your small business. Visit the SBA website or learn more about Small Business Assistance available in PA.
Is an SBA loan right for my business?
- Call the JVB Customer Care Center to be connected to one of our experienced business lenders. 1-855-582-5101
- Let us call you. Use our Schedule a Call form and someone will contact you on a date and at a time of your choosing.
- Email our team to determine if an SBA loan is right for your needs.
- Chat with us right now using the Live Chat link showing at the top of the page.
- Visit your local JVB community office in Blairs Mills, McAlisterville, Mifflintown, Port Royal, Richfield, Port Allegany, Lillibridge, Burnham, Reedsville, Lewistown, Millerstown, Coudersport, or Liverpool or our loan office in State College.