Paragon Fcu Gives SBA Loan to Landscape Counseling And Planning Company

New JerseyBank loans are available to New Jersey firms through the SBA. In this case, a New Jersey bank provides the loan.

This company, based in Teaneck, New Jersey, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Paragon Fcu. We've got the inside scoop on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: LANDSCAPE COUNSELING AND PLANNING
TEANECK, NJ 07666

SBA Loan Lender

PARAGON FCU
100 PARAGON DR
MONTVALE, NJ 07645

This lender issued this SBA bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0781 - Landscape Counseling and Planning

NAICS Code

561730 - Landscaping Services

Loan Approval Date

5/31/2006

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

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 2 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you are raising money in Teaneck NJ, you ought to talk with a local Teaneck SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Teaneck businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Paragon Fcu and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Getting a Small Business Loan

SBA 7A Lenders in Montvale, New Jersey

SBA Lenders in New Jersey