Financing for Commercial and Institutional Building Construction
Looking for loans for commercial and institutional building construction? Talk to a banker who works with the SBA. This $15,000 commercial and institutional building construction loan was issued by a Delaware bank.
Getting a small business loan in Budd Lake, New Jersey was important for this growing firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Pnc Bank, Delaware, operating out of Dover, Delaware. Here are the details on this New Jersey small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS
BUDD LAKE, NJ 07828
SBA Loan Lender
PNC BANK, DELAWARE
3-15 THE PLAZA
DOVER, DE 19901
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
SIC Code
1542 - General Contracting for Nonresidential Buildings
NAICS Code
233320 - Commercial and Institutional Building Construction
Loan Approval Date
9/25/2000
Loan Approval Gross Amount
$15,000
Loan Approval from the SBA
Of the total $15,000 loan amount, the SBA guaranteed $7,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had only one employee. The SBA loan documents indicated that the loan would help generate 14 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
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.
Related Links:
Understanding Dilution
SBA 7A Banks in Dover, Delaware
SBA Delaware Banks