Somerville, New Jersey Entrepreneur Gets an SBA Loan
Bank loans in New Jersey are tough to come by these days. We take a look at one New Jersey bank loan, provided by a New Jersey bank, that was approved by the SBA.
This business, based in Somerville, New Jersey, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Commerce Bank/north. We've got the inside scoop on this New Jersey small business loan.
SBA Loan Borrower
COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
SOMERVILLE, NJ 08876
SBA Loan Lender
COMMERCE BANK/NORTH
1100 LAKE ST
RAMSEY, NJ 07446
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
517310 -
Loan Approval Date
7/31/2003
Loan Approval Gross Amount
$75,000
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $63,750.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 6 employees. This SBA loan request indicated that the loan would help retain 6 existing jobs.
Next Steps for Getting an SBA Loan
If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great source of funding.
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:
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Where to Get an SBA Loan New Jersey