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October 31, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Fort Lee, Business Loans > Bnb Bank, National Association Fort Lee Business Loans > Used Car Dealers Loan | ||||
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I Need a Business Loan in Deptford, New Jersey
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Bank Loans for Used Car DealersWith these bank loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $700,000 was given to a New Jersey entrepreneur in 2007. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Deptford, New Jersey was able to borrow $700,000 from Bnb Bank, National Association. The SBA made the loan possible by guaranteeing $525,000 of this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: USED CAR DEALERS SBA Loan Lender BNB BANK, NATIONAL ASSOCIATION This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441120 - Used Car Dealers Loan Approval Date 7/20/2007 Loan Approval Gross Amount $700,000 Loan Approval from the SBA Of the total $700,000 loan amount, the SBA guaranteed $525,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. This SBA loan request indicated that the loan would help generate 6 new jobs and retain 6 existing jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Accountant's Role in Securing Financing SBA 7A Lenders in Fort Lee, New Jersey Getting an SBA Loan in New Jersey
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