These are short answers to common business funding questions from Lackawanna County owners. Orchardmark Financial, a small-business funding broker in Scranton, Pennsylvania, covers who it is, how to choose a funding type, applying, and Pennsylvania records. Each credit decision, rate and term belongs to the lending partner.
About Orchardmark Financial
Is Orchardmark Financial a lender?
No. Orchardmark Financial is a broker, not a lender. We prepare requests and introduce them to lending partners, who decide and set the terms.
Where are you?
612 Biden St, Scranton, PA 18503, in Lackawanna County. Phone (570) 512-9977.
What do you not help with?
Personal, payday, auto title and home loans, grants, and agriculture or trucking requests. We work in English only.
Can you promise an approval?
No one honest can. Every partner applies its own criteria.
Choosing funding
May an owner use a business loan to pay themselves?
Partners lend for business purposes. Paying yourself a reasonable salary through payroll is a business cost; using borrowed money for personal spending is not, and most partners will not fund it. Say plainly what the money is for.
Should I take a personal loan for my business instead?
It is possible, but a personal loan puts the debt in your own name and does not build the business's credit history. Business funding keeps the obligation with the business, although partners often ask for a personal guarantee.
Does an advance from a funder count as borrowing?
No. A funder buys a slice of your future receivables. Holdbacks, factor rates and reconciliation are covered on the advance page.
How do I choose a funding type?
Start with what the money buys and how long that thing will earn. The steps of a request show how purpose leads to structure.
Applying
Can a Pennsylvania LLC get a business loan?
Yes. Partners check that the LLC is properly registered and often ask the owners for personal guarantees.
What does the online request form ask for?
Your full name, email, phone number and business name; a pick from each of three drop-downs covering time in business, annual revenue and the amount requested; and a consent tick box. We ask about the purpose when we call.
Will applying affect my credit?
During its review, a partner may pull business and personal credit. Ask the partner what kind of check it runs before you agree.
Do I pay you to apply?
See the broker disclosures for how the arrangement works.
Pennsylvania and Lackawanna County, PA questions
Do I need a fictitious name registration?
If the business trades under a name that is not its legal name, partners will expect the two to be linked in the records. The guides cover Pennsylvania fictitious names, the state sales tax license and Scranton, PA local taxes.
Where can I get free advice in Lackawanna County, PA?
The county resources guide lists the kinds of free help owners look for. Orchardmark Financial has no tie to any of these offices.
By Orchardmark Financial · Updated
