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May 9, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Apparel And Accessory Stores Loan | ||||
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Getting a Business Loan in Newark, New Jersey
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New Jersey Small Business Loan Issued to Apparel And Accessory Stores CompanyLooking to get a New Jersey business loan? This New Jersey entrepreneur got a business loan, provided by a Rhode Island bank that works with the SBA to help small business owners. Getting a small business loan in Newark, New Jersey was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America. Here are the details on this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: APPAREL AND ACCESSORY STORES SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. SIC Code 5699 - Apparel and Accessory Stores NAICS Code 448150 - Clothing Accessories Stores Loan Approval Date 2/16/2000 Loan Approval Gross Amount $18,000 Loan Approval from the SBA Of the total $18,000 loan amount, the SBA guaranteed $9,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of America had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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 Banks in Providence, Rhode Island SBA Participating Banks in Rhode Island
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