Truevale Loans, a small-business funding broker in Reading, Pennsylvania, answers common questions here: what a broker does, whether an LLC can borrow, whether a loan can pay the owner, how a merchant cash advance differs from a loan, and how to reach the office at 722 Cherry St. Lending partners make all credit decisions and set rates and terms.
About Truevale Loans
Is Truevale Loans a lender?
No. Truevale Loans is a broker, not a lender. How a request moves lays out every stage.
Where is the office?
722 Cherry St, Reading, PA 19602, in Berks County. The phone number is (610) 492-6359. Call before planning to stop by.
Does Truevale Loans arrange personal, payday or title loans?
No. Truevale Loans sticks to funding for businesses. If you searched for loans in Reading, PA for personal use, we are not the right place.
Borrowing as a business
Can an LLC get a business loan in Pennsylvania?
Yes. Partners lend to LLCs, corporations, partnerships and sole proprietors. An LLC registered with the Pennsylvania Department of State gives a partner a clear record of who the borrower is, and most partners still ask the owners for a personal guarantee.
Can I use a business loan to pay myself as the owner of an LLC?
Business funding exists to serve the business. Ordinary owner pay that the business would make anyway, such as salary through payroll, may fall within that, but using a loan to fund personal spending generally does not. Read the use-of-proceeds clause, and ask your accountant how owner draws are treated.
Should I use a personal loan to fund my business?
Some owners do, especially at the start. The risk is that the debt sits in your name, not the company's, and personal lenders may forbid business use. A business product keeps the obligation with the business, though a personal guarantee may still apply.
Does Truevale Loans arrange SBA loans?
No. For SBA programs, the Kutztown University SBDC and the SBA's Philadelphia District Office are good starting points; both are linked in Berks County small business resources.
Merchant cash advances
Is an advance on card sales a kind of loan?
No. A merchant cash advance is not a loan. A funder buys part of your future receipts and collects them from sales. The merchant cash advance page explains holdbacks, factors, stacking and default.
How do I check the arithmetic on an advance?
Use the MCA payback and days estimator with the numbers from the offer.
Pennsylvania and Reading, PA paperwork
What local forms might a partner ask about?
Partners commonly want to see that the business is registered with the state and set up with its city or township. In Reading, PA, the city publishes Business Privilege License and Business Privilege Tax forms; the business privilege checklist lists them.
How do I see liens on my business?
Search the Pennsylvania Department of State's UCC records. The UCC lien search guide walks through it.
Where are all the guides?
The resources section lists every guide and the estimator.
By Truevale Loans · Updated