Sovereign Bank Gives SBA Loan to Full-Service Restaurants Company

Would a New Jersey bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Pennsylvania bank, which offers SBA loans to New Jersey entrepreneurs.

Getting a small business loan in Edison, New Jersey was a top priority for this loan applicant back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
EDISON, NJ 08837

SBA Loan Lender

SOVEREIGN BANK
2 ALDWYN LN
VILLANOVA, PA 19085

This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

2/9/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 7 existing jobs.

Getting an SBA Loan For Your Business

If you want money for new small business in Edison NJ, you ought to talk with a local Edison SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Edison businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Sovereign Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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