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May 16, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Cherry Hill, Business Loans > Isn Bank Cherry Hill Business Loans > Drycleaning And Laundry Services Loan | ||||
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New Jersey Bank SBA Loans
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Cherry Hill, New Jersey Bank Gives SBA Loan to Drycleaning And Laundry Services CompanyA Cherry Hill, New Jersey SBA loan can be yours. Learn how a company got a $860,000 business loan from this New Jersey bank. This loan to an entrepreneur is a good example of an SBA loan. Isn Bank made the loan and the SBA guaranteed a portion of the loan. Many other New York entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES SBA Loan Lender ISN BANK This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812320 - Drycleaning and Laundry Services Loan Approval Date 10/5/2004 Loan Approval Gross Amount $860,000 Loan Approval from the SBA Of the total $860,000 loan amount, the SBA guaranteed $645,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 10 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Isn Bank 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: Determining Proper Capital Structure for a Business SBA Participating Banks in Cherry Hill, New Jersey Browse All Business Loan Sources for New Jersey
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