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May 12, 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 > Home Furnishing Merchant Wholesalers Loan | ||||
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Perth Amboy, New Jersey Bank for SBA Loans
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Home Furnishing Merchant Wholesalers Commercial LoansLooking for commercial loans for home furnishing merchant wholesalers? Talk to a banker who works with the SBA. This $15,500 home furnishing merchant wholesalers loan was issued by a Rhode Island bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Perth Amboy, New Jersey was able to borrow $15,500 from Bank Of America. The SBA made the loan possible by guaranteeing $7,750 of this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: HOME FURNISHING MERCHANT WHOLESALERS 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. NAICS Code 423220 - Home Furnishing Merchant Wholesalers Loan Approval Date 12/9/2003 Loan Approval Gross Amount $15,500 Loan Approval from the SBA Of the total $15,500 loan amount, the SBA guaranteed $7,750. 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 2 new jobs and retain 2 existing jobs. Next Steps for Getting an SBA Loan 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America 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: SBA 7A Banks for Providence, Rhode Island Loans
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