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October 31, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Toms River, Business Loans > Commerce Bank Toms River Business Loans > Store Retailers Loan | ||||
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Getting a Small Business Loan from Commerce Bank
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Brick Town (local Name Laurelt, New Jersey Business Gets SBA-Guaranteed Funding from Commerce BankCommerce Bank has a track record as a leading provider of SBA loans. Find out how this New Jersey entrepreneur received an SBA loan from them. This growing company knew how to go about getting a business bank loan. Based in Brick Town (local Name Laurelt, New Jersey, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Commerce Bank, based in Toms River, New Jersey. SBA Loan Borrower COMPANY TYPE: STORE RETAILERS SBA Loan Lender COMMERCE BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 453998 - Store Retailers Loan Approval Date 9/20/2001 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request indicated that the borrowed money would help create 3 new jobs. Start the Process for Getting an SBA Loan Today! 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. 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 Bank 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: Realistic Debt Financing Options Banks in Toms River, New Jersey
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