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May 1, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Fort Lee, Business Loans > Bnb Bank, National Association Fort Lee Business Loans > Full-Service Restaurants Loan | ||||
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Examples of Phoenixville SBA Loans
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Financing for Full-Service RestaurantsLooking for loans for full-service restaurants? Try the SBA. This $1,535,000 full-service restaurants loan was issued by a New Jersey bank. This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Bnb Bank, National Association, out of Fort Lee, New Jersey. The loan was granted and they received $1,535,000 to help grow their Phoenixville, Pennsylvania business. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender BNB BANK, NATIONAL ASSOCIATION Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 5/31/2007 Loan Approval Gross Amount $1,535,000 Loan Approval from the SBA Of the total $1,535,000 loan amount, the SBA guaranteed $1,151,250. More Information on This SBA Loan The borrower borrowed this money for a new 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 50 employees. The SBA loan application for the borrower indicated that the loan would help generate 50 new jobs and retain 50 existing jobs. Next Steps for Getting an SBA Loan If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money 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: Best Fort Lee, New Jersey Banks for Small Business
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