New York Bank Loan Issued to Eating Places Company

New YorkBusiness loans are available to New York business owners through the SBA. In this case, a New Jersey bank provides the loan.

This small business, based in Camden, New York, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Valley National Bank. We've got the inside scoop on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
CAMDEN, NY 13316

SBA Loan Lender

VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

5/1/2000

Loan Approval Gross Amount

$141,300

Loan Approval from the SBA

Of the total $141,300 loan amount, the SBA guaranteed $105,975.

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 8 employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 8 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Camden NY, you ought to talk with a local Camden SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Camden businesses.

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 Valley National 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.

Related Links:

Dealing With Venture Capitalists

SBA Participating Banks in North Plainfield, New Jersey

Getting a Business Loan in New Jersey