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August 4, 2009
Public Savings Bank Launches an SBA Division to Service the Needs of Small Business
Public Savings Bank focuses on lending to Small Businesses in the 5-county Philadelphia area in Southeastern Pennsylvania and New Jersey. Ari Miller said that the SBA is an excellent way to finance a business and in this market it's one of the least expensive ways to do it. The programs not only have great rates but the terms are much more favorable than traditional bank financing being offered now.
Through the SBA's 7(a) program, Public can lend anywhere from $100,000 to $2,000,000. Interest rates are at Prime + 2.75 which currently equals 6%.
A Small Business owner can use the funds to purchase a new building, refinance their existing mortgage, purchase new equipment, refinance their existing equipment or for working capital. This is available to both existing businesses as well as start-ups and both franchised and non-franchised businesses. Since the interest rate on the SBA 7(a) loan is at 6%, there are a lot of businesses that can save money simply by refinancing their existing commercial mortgage.
For more information about Public Saving Bank, please call 888-8-PUBLIC (888-878-2542) or visit www.PublicSavings.com.
CONTACT:
Ray Melcher, CEO
Public Savings Bank
888-8PUBLIC x275
FAX: 215-947-9092
rmelcher@PublicSavings.com
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