Nara Bank SBA Loan to Car Washes Company
An SBA loan from Nara Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Branchburg Park, New Jersey business owner got a $1,700,000 loan.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Branchburg Park, New Jersey was able to borrow $1,700,000 from Nara Bank. The SBA made the loan possible by guaranteeing $999,600 of this New Jersey small business loan.
SBA Loan Borrower
COMPANY TYPE: CAR WASHES
BRANCHBURG PARK, NJ 08876
SBA Loan Lender
NARA BANK
3731 WILSHIRE BLVD, STE 1000
LOS ANGELES, CA 90010
This lender provides SBA loan for small businesses 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
811192 - Car Washes
Loan Approval Date
10/15/2004
Loan Approval Gross Amount
$1,700,000
Loan Approval from the SBA
Of the total $1,700,000 loan amount, the SBA guaranteed $999,600.
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 14 employees. This SBA loan request indicated that the loan would help retain 14 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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 Nara 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.
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