In local business news the world’s leading digital payment choice, PayPal, is applying to create a bank for small business clients. It operates a regional office in Montgomery County. Also in the county, Harbor Freight this month opened one of its newest retail stores.
PayPal Looks to Business Banking for Added Growth
PLYMOUTH MEETING PA – PayPal, which financial automation company Chargeflow reports is the “the #1 payment option in the world” for digital purchases, is looking to expand by also becoming a business-oriented lender.
In a mid-December announcement its parent company, PayPal Holdings Inc., says it has applied to federal and Utah financial authorities to create “PayPal Bank.” It proposes to open a Utah-chartered industrial loan company that would provide “business lending solutions to small businesses in the U.S.”
PayPal says it has made more than $30 billion in loans and working capital since 2013 to more than 420,000 business accounts worldwide. Working within a bank framework, it notes, would “strengthen our business and improve our efficiency,” its media release states. The company has ties to Montgomery County; it operates a regional office in Plymouth Meeting PA.
Additionally, “PayPal Bank expects to offer interest-bearing savings accounts to customers,” according to the company. It “would also seek direct membership in the U.S. with card networks, to complement processing and settlement activities through existing banking relationships.”
Customer deposits at PayPal Bank would be “eligible for Federal Deposit Insurance Corporation insurance coverage,” it adds.
Photo provided by PayPal
Harbor Freight Opens New Montgomery County Store
POTTSTOWN PA – Harbor Freight, which specializes in the sale of tools and mechanic’s equipment and operates a store at 203 Shoemaker Rd. in Pottstown, has opened a new store in Montgomery County, it announced Dec. 23 (2025; Tuesday).
The Hatfield store is located at 1758 Allentown Rd., with Jaclyn Alba as its manager. It reportedly carries Harbor Freight’s full line of tools and equipment, including as Icon® professional hand tools, Hercules and Bauer power tools, U.S. General® tool storage, and Predator® generators.
Founded in 1977, Harbor Freight operates more than 1,600 stores nationwide, and employs more than 26,000 associates.
Photo provided by Harbor Freight
Our local reporting includes news about businesses and commercial ventures within, or that affect residents of, Montgomery, Berks, and Chester PA counties. Find more business articles here.
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