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May 19, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > New Brunswick, Business Loans > New Millennium Bank New Brunswick Business Loans > Child Day Care Services Loan | ||||
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How to Get a Small Business Loan from New Millennium Bank
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SBA Loan from New Millennium Bank Helps Child Day Care Services CompanyNew Millennium Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Jersey entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Hillsborough, New Jersey was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from New Millennium Bank, operating out of New Brunswick, New Jersey. Here are the details on this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: CHILD DAY CARE SERVICES SBA Loan Lender NEW MILLENNIUM 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 624410 - Child Day Care Services Loan Approval Date 12/7/2006 Loan Approval Gross Amount $540,000 Loan Approval from the SBA Of the total $540,000 loan amount, the SBA guaranteed $405,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 11 new jobs and retain 1 existing job. Start the Process for Getting an SBA Loan Today! SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Family and Friend Investors - Your First Financiers Best Banks in New Brunswick, New Jersey Getting an SBA Loan in New Jersey
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