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May 14, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Woodbury, Business Loans > The Bank Woodbury Business Loans > Drinking Places Loan | ||||
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Best Banks for Gibbstown, New Jersey Small Businesses
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Get an SBA Loan for Drinking PlacesLooking for bank loans for drinking places? Try the SBA. This $210,000 drinking places loan was issued by a New Jersey bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Gibbstown, New Jersey was able to borrow $210,000 from The Bank. The SBA made the loan possible by guaranteeing $157,500 of this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: DRINKING PLACES SBA Loan Lender THE BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722410 - Drinking Places Loan Approval Date 10/16/2006 Loan Approval Gross Amount $210,000 Loan Approval from the SBA Of the total $210,000 loan amount, the SBA guaranteed $157,500. 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 2 employees. The SBA loan documents indicated that the loan would help generate 8 new jobs and retain 2 existing jobs. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 The 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 SBA 7A Banks for Woodbury, New Jersey Loans
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