Raising Money for Residential Care Facilities

With these bank loans for residential care facilities, the SBA guarantees the lender that the loan will be repaid. This residential care facilities loan for $308,700 was given to a New Jersey entrepreneur in 2008.

This company knew how to go about getting a business bank loan. Based in Boonton, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2008. The lending bank was Community So. Bank D.B.A Commun, based in Knoxville, Tennessee.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE FACILITIES
BOONTON, NJ 07005

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
625 S GAY ST, STE 450
KNOXVILLE, TN 37902

This lender issued this SBA small business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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.

NAICS Code

623990 - Residential Care Facilities

Loan Approval Date

2/19/2008

Loan Approval Gross Amount

$308,700

Loan Approval from the SBA

Of the total $308,700 loan amount, the SBA guaranteed $231,525.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Start the Process for Getting an SBA Loan Today!

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $308,700 loan. Remember, feel the fear, and do it anyway.

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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