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December 25, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Teaneck, Business Loans > Lakeland Bank Teaneck Business Loans > Motor Vehicle Dealers Loan | ||||
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Teaneck, New Jersey Bank for SBA Loans
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Entrepreneur Works With Teaneck, New Jersey Bank to Get an SBA LoanFind Teaneck, New Jersey banks that specialize in SBA loans and know how to work with entrepreneurs. Lakeland Bank is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Fairview, New Jersey starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Lakeland Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE DEALERS SBA Loan Lender LAKELAND BANK This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5511 - Motor Vehicle Dealers NAICS Code 441110 - New Car Dealers Loan Approval Date 4/25/2000 Loan Approval Gross Amount $210,000 Loan Approval from the SBA Of the total $210,000 loan amount, the SBA guaranteed $157,500. 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 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Lakeland Bank 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. Related Links: SBA Approved Banks in Teaneck, New Jersey
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