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May 15, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Cherry Hill, Business Loans > Commerce Bancorp, Inc. Cherry Hill Business Loans > Automobiles And Other Motor Vehicles Loan | ||||
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Who Can Get a Business Loan in Windsor, New Jersey?
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Small Business Loans for Automobile and Motor Vehicle WholesalersLooking for small business loans for automobile and motor vehicle wholesalers? Try the SBA. This $600,000 automobile and motor vehicle wholesalers loan was issued by a New Jersey bank. This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Commerce Bancorp, Inc., out of Cherry Hill, New Jersey. The loan was granted and they received $600,000 to help grow their Windsor, New Jersey business. SBA Loan Borrower COMPANY TYPE: AUTOMOBILES AND OTHER MOTOR VEHICLES SBA Loan Lender COMMERCE BANCORP, INC. The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5012 - Automobiles and Other Motor Vehicles NAICS Code 421110 - Automobile and Motor Vehicle Wholesalers Loan Approval Date 9/26/2000 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $540,000. 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. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My 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 Commerce Bancorp, Inc. 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: Banking Deregulation's Effects on Entrepreneurship Small Business Banks in Cherry Hill, New Jersey
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