Edison (township Of), NJ Entrepreneur Gets SBA Loan to Buy Maids the Franchise

Need money to buy a Maids the franchise? Sovereign Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Edison (township Of), New Jersey needed money to invest in a Maids the franchise back in 2004. Sovereign Bank issued an SBA franchise loan. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

GME AND ASSOCIATES INC
EDISON (TOWNSHIP OF), NJ 08820

SBA Loan Lender

SOVEREIGN BANK
195 MONTAGUE ST
NEW YORK CITY, NY 11201

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561720 - Janitorial Services

Loan Approval Date

2/3/2004

Loan Approval Gross Amount

$575,000

Loan Approval from the SBA

Of the total $575,000 loan amount, the SBA guaranteed $431,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Maids the franchise. At the time of the loan, the company had 25 employees. The SBA loan documents indicated that the loan would help retain 25 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sovereign Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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