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May 21, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > North Plainfield, Business Loans > Valley National Bank North Plainfield Business Loans > Gift, Novelty, And Souvenir Stores Loan | ||||
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Valley National Bank SBA Loans Little Falls, New Jersey
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Little Falls, New Jersey Business Gets SBA-Guaranteed Funding from Valley National BankValley National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New Jersey entrepreneur who tapped into the power of SBA loans. This growing company knew how to go about getting a business bank loan. Based in Little Falls, New Jersey, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Valley National Bank, based in North Plainfield, New Jersey. SBA Loan Borrower COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES SBA Loan Lender VALLEY NATIONAL BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 10/24/2000 Loan Approval Gross Amount $153,500 Loan Approval from the SBA Of the total $153,500 loan amount, the SBA guaranteed $115,125. 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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 2 existing jobs. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. 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 Valley National 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: Raising VC Money for Social Networking Companies SBA Participating Banks in North Plainfield, New Jersey Where to Get an SBA Loan New Jersey
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