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May 14, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > North Plainfield, Business Loans > Valley National Bank North Plainfield Business Loans > Surgical Appliance And Supplies Manufacturing Loan | ||||
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New Jersey Small Business SBA Loans
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Allendale, New Jersey Entrepreneur Gets a Business LoanWould a New Jersey small business loan help your small business to grow and prosper? If so, you may want to talk with this New Jersey bank, which offers SBA loans to New Jersey entrepreneurs. Getting a small business loan in Allendale, New Jersey was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Valley National Bank. Here are the details on this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: SURGICAL APPLIANCE AND SUPPLIES MANUFACTURING SBA Loan Lender VALLEY NATIONAL BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 339113 - Surgical Appliance and Supplies Manufacturing Loan Approval Date 9/10/2002 Loan Approval Gross Amount $998,000 Loan Approval from the SBA Of the total $998,000 loan amount, the SBA guaranteed $748,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help generate 1 new job and retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Where to Get an SBA Loan in North Plainfield, New Jersey
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