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May 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Mahwah, Business Loans > Td Banknorth Mahwah Business Loans > Automotive Mechanical And Electrical Repair And Maintenance Loan | ||||
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Advice for Small Business Owners On Getting a Loan
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Financing for Automotive Mechanical and Electrical Repair and MaintenanceLooking for loans for automotive mechanical and electrical repair and maintenance? The SBA may be the answer. This $157,500 automotive mechanical and electrical repair and maintenance loan was issued by a New Jersey bank. Getting a small business loan in Pine Bush, New York was important for this growing firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Td Banknorth, operating out of Mahwah, New Jersey. Here are the details on this New York small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE SBA Loan Lender TD BANKNORTH This lender provides SBA bank 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 811118 - Automotive Mechanical and Electrical Repair and Maintenance Loan Approval Date 9/3/2003 Loan Approval Gross Amount $157,500 Loan Approval from the SBA Of the total $157,500 loan amount, the SBA guaranteed $118,125. 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 only one employee. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Borrowing Money from Friends and Family Small Business Banks in Mahwah, New Jersey
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