Financing for Animal Slaughtering

With these commercial loans for animal slaughtering, the SBA guarantees the lender that the loan will be repaid. This animal slaughtering loan for $1,300,000 was given to a New York entrepreneur in 2002.

Getting a small business loan in Brooklyn, New York was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank, operating out of Newark, New Jersey. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: ANIMAL SLAUGHTERING
BROOKLYN, NY 11237

SBA Loan Lender

SOVEREIGN BANK
905 BROAD ST
NEWARK, NJ 07102

This lender issued this bank loan under the SBA 7A lending program , 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

311611 - Animal Slaughtering

Loan Approval Date

4/26/2002

Loan Approval Gross Amount

$1,300,000

Loan Approval from the SBA

Of the total $1,300,000 loan amount, the SBA guaranteed $975,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 25 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Sovereign Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Bank Credit Lines

SBA 7A Banks for Newark, New Jersey Loans

SBA Lenders in New Jersey