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May 5, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Los Angeles, Business Loans > Nara Bank Los Angeles Business Loans > Automotive Body, Paint, And Interior Repair And Maintenance Loan | ||||
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How Hard Is It to Get a Small Business Loan in Rochelle Park (township Of), New Jersey?
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Small Business Loans for Automotive Body, Paint, and Interior Repair and MaintenanceLooking for small business loans for automotive body, paint, and interior repair and maintenance? Try the SBA. This $527,000 automotive body, paint, and interior repair and maintenance loan was issued by a California bank. This company knew how to go about getting a business bank loan. Based in Rochelle Park (township Of), New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Nara Bank, based in Los Angeles, California. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE SBA Loan Lender NARA BANK This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 3/15/2005 Loan Approval Gross Amount $527,000 Loan Approval from the SBA Of the total $527,000 loan amount, the SBA guaranteed $395,250. 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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: The Friends and Family Network SBA Participating Banks in Los Angeles, California
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