New Jersey Entrepreneur Secures Financing to Buy Aamco Transmissions Franchise

Need a loan to purchase an Aamco Transmissions franchise? Sun National Bank has a history of making these loans and they are guaranteed by the SBA.

Aamco Transmissions franchise loans are available to Asbury Park, New Jersey entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Sun National Bank, based in Vineland, New Jersey, issued an SBA franchise loan for an Aamco Transmissions franchise in 2007. We've got all the details on this New Jersey small business loan.

SBA Loan Borrower

AAMCO TRANSMISSIONS
ASBURY PARK, NJ 07712

SBA Loan Lender

SUN NATIONAL BANK
226 LANDIS AVE
VINELAND, NJ 08360

This lender provides SBA debt financing 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

811113 - Automotive Transmission Repair

Loan Approval Date

6/12/2007

Loan Approval Gross Amount

$675,000

Loan Approval from the SBA

Of the total $675,000 loan amount, the SBA guaranteed $506,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Aamco Transmissions franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Sun National 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:

AAMCO Transmissions, Inc.

Determining Proper Capital Structure for a Business

SBA 7A Banks in Vineland, New Jersey

Getting a Business Loan in New Jersey