Business Loan from Cathay Bank Given to Shoe Stores Company

Cathay Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Jersey entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Elizabeth, New Jersey was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Cathay Bank, operating out of New York City, New York. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: SHOE STORES
ELIZABETH, NJ 07201

SBA Loan Lender

CATHAY BANK
235 5TH AVE
NEW YORK CITY, NY 10016

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

448210 - Shoe Stores

Loan Approval Date

10/20/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 3 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 4 existing jobs.

Getting an SBA Loan For Your Business

If you are raising money in Elizabeth NJ, you ought to talk with a local Elizabeth SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Elizabeth businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

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