Computer and Software Stores Business Loans
With these business loans for computer and software stores, the SBA guarantees the lender that the loan will be repaid. This computer and software stores loan for $49,500 was given to a New York entrepreneur in 2003.
This business knew how to go about getting a business bank loan. Based in Central Valley, New York, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Valley National Bank, based in North Plainfield, New Jersey.
SBA Loan Borrower
COMPANY TYPE: COMPUTER AND SOFTWARE STORES
CENTRAL VALLEY, NY 10917
SBA Loan Lender
VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060
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
443120 - Computer and Software Stores
Loan Approval Date
12/2/2003
Loan Approval Gross Amount
$49,500
Loan Approval from the SBA
Of the total $49,500 loan amount, the SBA guaranteed $42,075.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. This SBA loan request indicated that the loan would help retain 1 existing job.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide money to small business owners for working capital for other expenses.
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:
Advice on Getting a Small Business Loan
SBA Participating Banks in North Plainfield, New Jersey
SBA Lenders in New Jersey