Scenic and Sightseeing Transportation, Water Commercial Loans

With these commercial loans for scenic and sightseeing transportation, water, the SBA guarantees the lender that the loan will be repaid. This scenic and sightseeing transportation, water loan for $150,000 was given to a New Jersey entrepreneur in 2003.

This business knew how to go about getting a business bank loan. Based in Barnegat Light, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Sun National Bank, based in Vineland, New Jersey.

SBA Loan Borrower

COMPANY TYPE: WATER TRANSPORTATION OF PASSENGERS
BARNEGAT LIGHT, NJ 08224

SBA Loan Lender

SUN NATIONAL BANK
226 LANDIS AVE
VINELAND, NJ 08360

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4489 - Water Transportation of Passengers

NAICS Code

487210 - Scenic and Sightseeing Transportation, Water

Loan Approval Date

12/19/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

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Small Bank Loans in Vineland, New Jersey

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