Borrowing Money for Automatic Vending Machine Manufacturing

With these small business loans for automatic vending machine manufacturing, the SBA guarantees the lender that the loan will be repaid. This automatic vending machine manufacturing loan for $100,000 was given to a New Jersey entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Old Bridge, New Jersey was able to borrow $100,000 from Sovereign Bank. The SBA made the loan possible by guaranteeing $85,000 of this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: CALCULATING AND ACCOUNTING EQUIPMENT
OLD BRIDGE, NJ 08857

SBA Loan Lender

SOVEREIGN BANK
TWO ALDWYN CENTER, RT 320 & L
VILLANOVA, PA 19085

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3578 - Calculating and Accounting Equipment

NAICS Code

333311 - Automatic Vending Machine Manufacturing

Loan Approval Date

7/8/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Sovereign Bank and they will explain how you can get an SBA loan for your company.

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:

The Friends and Family Network

SBA 7A Banks in Villanova, Pennsylvania

SBA Lenders in Pennsylvania