New Jersey SBA Loan Issued to Services For The Elderly And Persons With Disabilities Company

Looking to get a New Jersey small business loan? This New Jersey entrepreneur got a small business loan, provided by a Pennsylvania bank that works with the SBA to help small business owners.

By giving the right information to Sovereign Bank, this Jersey City, New Jersey business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: SERVICES FOR THE ELDERLY AND PERSONS WITH DISABILITIES
JERSEY CITY, NJ 07305

SBA Loan Lender

SOVEREIGN BANK
3 TERRY DR
NEWTOWN, PA 18940

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624120 - Services for the Elderly and Persons with Disabilities

Loan Approval Date

8/21/2002

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $325,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 24 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Jersey City NJ, you ought to talk with a local Jersey City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Jersey City businesses.

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 Sovereign Bank 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.

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