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May 16, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Newark, Business Loans > City National Bank - New Jersey Newark Business Loans > Car Washes Loan | ||||
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New Jersey SBA Banks
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Newark, New Jersey Bank Gives SBA Loan to Car Washes CompanyA Newark, New Jersey SBA loan can be yours. Learn how a business got a $367,000 business loan from this New Jersey bank. This loan to a local firm is a good example of an SBA loan. City National Bank - New Jersey made the loan and the SBA guaranteed a portion of the loan. Many other New Jersey entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: CAR WASHES SBA Loan Lender CITY NATIONAL BANK - NEW JERSEY SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811192 - Car Washes Loan Approval Date 12/12/2001 Loan Approval Gross Amount $367,000 Loan Approval from the SBA Of the total $367,000 loan amount, the SBA guaranteed $275,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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 City National Bank - New Jersey 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 Participating Banks in Newark, New Jersey
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