Getting an SBA Loan for Collection Agencies

With these commercial loans for collection agencies, the SBA guarantees the lender that the loan will be repaid. This collection agencies loan for $150,000 was given to a New Jersey entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Woodbridge, New Jersey was able to borrow $150,000 from Columbia Bank. The SBA made the loan possible by guaranteeing $75,000 of this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: COLLECTION AGENCIES
WOODBRIDGE, NJ 07095

SBA Loan Lender

COLUMBIA BANK
RTE 4 EAST, STE 304, BERGEN M
PARAMUS, NJ 07652

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

561440 - Collection Agencies

Loan Approval Date

7/7/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 75 employees. This SBA loan request indicated that the loan would help generate 10 new jobs and retain 75 existing jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Columbia Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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