Pennsylvania has a population of nearly 12.8 million people and a rich and diverse industrial base. Like many other states, Pennsylvania has struggled to recover from the economic downturn. But employment in one sector in particular, mining and logging, is experiencing massive growth from a surge in oil and gas drilling and extraction. In fact, mining and logging is by far Pennsylvania’s fastest-growing sector. While the state’s leisure and hospitality sector is also seeing significant job growth, more than half of Pennsylvania’s non-farm payroll jobs exist in its three largest sectors:
- Trade, transportation, and utilities
- Professional and business services
- Education and health services
All told, Pennsylvania’s businesses employ more than 5 million people.
Pennsylvania’s Economic Landscape
Pennsylvania boasts a number of diverse key industries that include:
- Advanced manufacturing and materials
- Life sciences
A broad look at the Pennsylvania economy spans agriculture, manufacturing, mining and services. The state’s top five agricultural revenue-generators are dairy products, cattle, greenhouses and nurseries, mushrooms, and eggs. Almost 70 percent of the state’s agricultural income comes from livestock and livestock products, led by milk.
The leading products manufactured in Pennsylvania are chemicals and pharmaceuticals such as prescription drugs and aspirin. It also leads in processed foods (earning it the status of a snack food mecca), followed by the manufacture of computers and electronic equipment.
Pennsylvania is a major coal producer and the only producer of anthracite coal in the United States. The state also leads in limestone and natural gas production and produces many other mined products as well. Services, on the other hand, span a variety of community, business, and personal service industries that include hotels, professional sports franchises, private health care, and engineering and law firms. Finance, insurance, and real estate are also significant contributors, largely in Pittsburgh and Philadelphia. Many of the companies in all of these sectors are small businesses that have been able to sustain and expand operations with small business loans in PA from BFS Capital.
Small Businesses in Pennsylvania
Business experts say that Pennsylvania’s small businesses are the real key to the state’s well-being. They account for a significant share of the state’s economic production and hiring:
- There are nearly 1 million small businesses in Pennsylvania.
- Small businesses employ more than 2.4 million workers and account for roughly half of the private-sector labor force.
- Small firms make up more than 98 percent of the state’s employers.
That’s why, at BFS Capital, we support Pennsylvania’s small businesses with financing solutions such as flexible Pennsylvania small business loans for up to $1 million. We’re the go-to source for merchant cash advances and small business loans in Pennsylvania, not only because of our willingness to lend but also because of our streamlined funding experience designed with those who need PC business loans in mind.
Benefits of PA Small Business Loans from BFS Capital
- Our application and approval process is simplified and easy.
- The repayment terms are favorable, often tailored to individual business needs.
- Once approved, funding is provided in as few as two business days.
- Business owners decide how to use the funds, for any legitimate business expense.
For all of these reasons and more, many savvy business owners are turning to Pennsylvania business loans from BFS Capital for everything from rolling out new products and beefing up inventory to expansion, equipment purchases, and even marketing and advertising expenses. With even more growth on the horizon, it makes sense to be ready to take advantage of every opportunity that arises. We can help you do that with one of our small business loans in PA. Even if you have poor credit, we may be able to help you with one of our PA small business loans, as we have offered loans to many customers who could not qualify elsewhere for funding.
Apply for a Pennsylvania Business Loan Today
Pennsylvania businesses are turning to financing solutions from BFS Capital to propel their growth and ensure a bright future. We may have capital solutions for your business, too. Apply online for one of our Pennsylvania small business loans or merchant cash advances today, or contact us with any questions. At BFS Capital, we provide business loans for customers all over the state of Pennsylvania including:
- Upper Darby
Our experts in PA business loans can help you figure out if you qualify for one of our fast funding solutions and answer any other questions you might have about our lending products.