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May 12, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Ocean City, Business Loans > Ocean City Home Bank Ocean City Business Loans > Business Services Loan | ||||
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SBA Lender Absecon New Jersey
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New Jersey Bank Loan Issued to Business Services CompanyNew JerseyBusiness loans are available to New Jersey business owners through the SBA. In this case, a New Jersey bank provides the loan. This company, based in Absecon, New Jersey, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Ocean City Home Bank. We've got the inside scoop on this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender OCEAN CITY HOME BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services NAICS Code 541410 - Interior Design Services Loan Approval Date 8/12/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Ocean City Home Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Role of Business Plan When Raising Money SBA Participating Banks in Ocean City, New Jersey
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