Pequannock, New Jersey Entrepreneur Gets an SBA Loan
Bank loans in New Jersey are are few and far betweeen these days. We take a look at one New Jersey bank loan, provided by a New Jersey bank, that was approved by the SBA.
By giving the right information to Woori America Bank, this Pequannock, New Jersey business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
PEQUANNOCK, NJ 07440
SBA Loan Lender
WOORI AMERICA BANK
183 MAIN ST
FORT LEE, NJ 07024
This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
812310 - Coin-Operated Laundries and Drycleaners
Loan Approval Date
6/18/2003
Loan Approval Gross Amount
$400,000
Loan Approval from the SBA
Of the total $400,000 loan amount, the SBA guaranteed $300,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 2 employees. The loan application indicated that the loan would help generate 1 new job and retain 3 existing jobs.
Getting an SBA Loan For Your Business
If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Woori America Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Business Incubators
Find an SBA Lender in Fort Lee, New Jersey
SBA New Jersey Lenders