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November 24, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Fort Lee, Business Loans > Bnb Bank, National Association Fort Lee Business Loans > Caterers Loan | ||||
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Small Business Banks for Brooklyn, New York Small Business Owners
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Raising Money for CaterersWith these bank loans for caterers, the SBA guarantees the lender that the loan will be repaid. This caterers loan for $500,000 was given to a New York entrepreneur in 2005. This small firm knew how to go about getting a business bank loan. Based in Brooklyn, New York, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Bnb Bank, National Association, based in Fort Lee, New Jersey. SBA Loan Borrower COMPANY TYPE: CATERERS SBA Loan Lender BNB BANK, NATIONAL ASSOCIATION Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722320 - Caterers Loan Approval Date 5/31/2005 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 30 employees. This SBA loan request indicated that the loan would help generate 30 new jobs and retain 30 existing jobs. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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 Bnb Bank, National Association 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: Raising VC Money for Social Networking Companies SBA Participating Banks in Fort Lee, New Jersey Find an SBA Lender in New Jersey
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