Commerce Bank/north SBA Loan to Medical Equipment Rental And Leasing Company

Searching for a New Jersey small business loan? Here's one New Jersey business loan that was approved by the SBA.

This up and coming company knew how to go about getting a business bank loan. Based in Fair Lawn, New Jersey, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Commerce Bank/north, based in Ramsey, New Jersey.

SBA Loan Borrower

COMPANY TYPE: MEDICAL EQUIPMENT RENTAL AND LEASING
FAIR LAWN, NJ 07410

SBA Loan Lender

COMMERCE BANK/NORTH
1100 LAKE ST
RAMSEY, NJ 07446

The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

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

SIC Code

7352 - Medical Equipment Rental and Leasing

Loan Approval Date

6/16/2000

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $27,500.

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 4 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 4 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a business in Fair Lawn NJ, you ought to talk with a local Fair Lawn SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Fair Lawn 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 Commerce Bank/north 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.

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