Meridian Bank Closes SBA Loan for Local, Family-Owned Biotech Company
The Meridian Bank SBA Lending Team has closed a $1,350,000 SBA loan for a Delaware County-based company to purchase commercial real estate and FF&E (furniture, fixtures, and equipment).
The mortgage loan was structured with a fully amortizing 25-year term and financed 90 percent of the real estate purchase, new equipment, funds for minor property improvements, and closing costs.
Meridian Bank’s client provides contracted research services for universities, research facilities, and pharmaceutical companies all over the world. Additionally, as an accredited clinical lab, it performs testing services for many of the cancer providers in the region and has been an integral partner for healthcare providers with COVID-19 testing as well.
This purchase will allow the company to continue growing unencumbered by real estate constraints.
Lastly, by utilizing the leverage allowed with the SBA program, the company is able to hold onto its operating capital and continue reinvesting into the business.
Meridian Bank is part of the SBA’s Preferred Lender Program (“PLP”) and was named the No. 1 SBA Lender in the Philadelphia Metro Region in 2021. It is actively lending on real estate purchases and refinances, business acquisition and partner buyouts, equipment purchases, debt consolidations, working capital needs, etc. The bank’s loan products provide highly-competitive rates, low closing costs, and a streamlined closing process with an experienced team.
For more information about Meridian Bank and its SBA lending program, contact Paul Avery, VP Senior SBA Loan Officer, at 484-395-2063 or email@example.com.
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