Business Loans and Lines of Credit
We understand no two businesses are alike. Whether you're a professional practice, a corporation, or a startup, at Centric Bank, you'll have access to our local lending decision-makers, personal attention, and no red tape.
You can also apply by filling out the PDF version of our Business Loan Application.
Please Note: We may require you to complete a comprehensive Personal Financial Statement to evaluate your Business Loan Application as well. Click here to download the Personal Financial Statement.
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Government-Guaranteed (SBA) Lending
Small businesses are an integral part of the US economy, and the government wants to encourage them. In fact, the Small Business Administration (SBA) is a government agency specifically established to help small businesses succeed. The agency works to provide support and resources as well as loans to small businesses that might otherwise struggle to get financing from other sources. The SBA partners with financial institutions such as Centric Bank to offer financing to smaller companies in Pennsylvania.
As a bank that offers SBA loans, Centric Bank’s lenders are experienced guides to help you access cash and capital to purchase real estate, start construction, finance growth, acquire new equipment, and improve cash flow. SBA loans offer more collateral flexibility, longer-term loans, no balloon payments to negotiate, and most carry no prepayment penalties. From SBA 7(a) loan requirements to qualified SBA 504 loan options to guidance on sba.gov eligibility forms and applications, our bank offers SBA loan resources to improve your business in Pennsylvania.
Commercial Real Estate
Commercial real estate is a crucial part of many businesses. Your business property can have a significant impact on your business. If your retail space or company relies heavily on walk-by traffic or in-person business, the right office or location can make a tremendous difference to your bottom line.
Even if you do part or much of your business online or over the phone, the right business space can improve productivity, personnel morale, and business success. Business real estate can also provide your business with a crucial asset to improve your organization's financial well-being. Simply put — with property, you have more options for success.
You may need financing for several commercial real estate transactions, including:
- Purchasing your first office, retail, or commercial space.
- Leasing a commercial space.
- Refinancing the loan on an existing piece of industrial or commercial real estate.
- Expanding your business and acquiring new property.
- Constructing or renovating business property.
Whether you're acquiring, refinancing, expanding, developing, or building, the lenders at Centric Bank have the expertise you need to guide you through the process. To plan for your next project, contact a business lender today.
Lines and Letters of Credit
Giving you the flexibility to draw funds as needed, a business line or letter of credit enables your business to better manage cash flow while meeting your short-term working capital needs. Business loans and lines offer:
- Secured and unsecured working capital and inventory lines
- Asset acquisition lines
Business lines of credit and letters of credit can help you pay for working capital for business. As revolving types of financing, lines and letters of credit provide you with the flexibility your business demands. When you need it, financing is available in your line or letter of credit to pay for inventory, personnel, seasonal increases in business, and other needs. When business is good, you can use extra revenues to repay your credit line, so it's available when needed.
Commercial Term Loans
Business Term Loans have a fixed term with various maturities and a defined periodic payment. They provide funds for the purchase of equipment and other assets such as:
- Vehicle and equipment loans
- Working capital
- Seasonal time notes
Running your business costs money, and you need cash or financing to pay for the products you need for your organization. Commercial term loans offer you financial support now so you can focus on growing your company.
Doctors and healthcare practices of all kinds have unique financing needs when compared with other industries. These businesses often have high overhead costs, including large insurance premiums, higher personnel costs, and extensive equipment budgets.
To succeed, healthcare practitioners and facilities need to offer the latest medical equipment and the best possible personnel for their patients. All of that costs money, meaning doctors and healthcare practices may need unique forms of financing to help pay for these costs.
Centric Bank recognizes business loans for doctors shouldn't look like loans for any other business. We recognize the contributions our healthcare professionals make to our Pennsylvania communities. In return, we offer personalized attention and custom-fit loans and financial products designed specifically for the healthcare industry through our Dr. Centric Bank subdivision.
To learn how a personalized banking relationship can benefit your practice, contact Centric Bank to set up an appointment.
- Up to 100% financing
- Practice acquisition
- Buy-ins and buy-outs
- Debt refinancing
- Real estate purchase, expansion, or renovation
- Equipment and working capital
Frequently Asked Questions
Should I Get a Business Loan or Line of Credit?
Generally, business loans are ideal for large, one-time investments or purchases for your business paid back over time with interest. However, lines of credit are designed for short-term financial needs and are better for ongoing, small, or unanticipated expenses. If you don't use it, you won't have to make any payments.
Like many things pertaining to your business's financials, there's no silver bullet for getting the right capital. Considering your needs, business track record, and long-term goals are paramount in determining what type of financing is best for you.
What Credit Score Is Needed for a Business Loan?
For business owners seeking a business loan, high interest rates can seem intimidating. However, the better your credit score, the more likely you can get a low loan rate. Lenders tend to look at both personal and business credit scores and history. Since most small business owners do not have business credit, personal credit is of great importance. Usually, you need a credit score of at least 600 to get a business loan.
How Do I Get a Commercial Real Estate Loan?
Before funding a commercial real estate loan, major lenders typically require a downpayment between 20-30% of the property purchase price. You will need to provide a detailed business plan, and possibly financial documents to prove your business's financial strength. That said, no two organizations in Pennsylvania are exactly the same — consult one of our commercial real estate loan lenders for more information.
Additional Business Banking Solutions
All credit is subject to approval.