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April 28, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > New World Coffee Loan | ||||
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Bank Of America Franchise Loans
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Borrow Money to Buy a New World Coffee FranchiseBorrowing money to purchase a New World Coffee franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Hackensack, New Jersey needed money to invest in a New World Coffee franchise back in 2002. Bank Of America issued an SBA franchise loan. Here are the details on this New Jersey small business loan. SBA Loan Borrower NEW WORLD COFFEE SBA Loan Lender BANK OF AMERICA The lender provided this SBA business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722213 - Snack and Nonalcoholic Beverage Bars Loan Approval Date 8/30/2002 Loan Approval Gross Amount $64,000 Loan Approval from the SBA Of the total $64,000 loan amount, the SBA guaranteed $32,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a New World Coffee franchise. At the time of the loan, the company had 10 employees. This SBA loan request indicated that the loan would help retain 10 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of America and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA Approved Banks in Providence, Rhode Island Getting a Business Loan in Rhode Island
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