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May 15, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Cherry Hill, Business Loans > Isn Bank Cherry Hill Business Loans > Automotive Mechanical And Electrical Repair And Maintenance Loan | ||||
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New Jersey SBA 7A Lenders
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Cherry Hill, New Jersey Bank Gives SBA Loan to Automotive Mechanical And Electrical Repair And Maintenance CompanyThinking about meeting with a Cherry Hill, New Jersey bank about a business loan? Here's one Pennsylvania business loan, issued by a Cherry Hill bank, that was approved by the SBA. Applying for an SBA loan with Isn Bank worked out well for our friends at one local company in Eagle, Pennsylvania. They received an SBA loan for $400,000. Sweet! SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE SBA Loan Lender ISN BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811118 - Automotive Mechanical and Electrical Repair and Maintenance Loan Approval Date 8/6/2002 Loan Approval Gross Amount $400,000 Loan Approval from the SBA Of the total $400,000 loan amount, the SBA guaranteed $300,000. 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 16 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new employees 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. 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: Good Banks for Small Business in Cherry Hill, New Jersey Getting a Business Loan in New Jersey
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