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November 15, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Somerville, Business Loans > Skylands Community Bank Somerville Business Loans > Industrial Machinery And Equipment Wholesalers Loan | ||||
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Banks That Lend to Farmingdale Businesses
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Skylands Community Bank Gives Small Business Loan to Industrial Machinery And Equipment Wholesalers CompanyLooking to get a New Jersey small business loan? This New Jersey entrepreneur got a small business loan, provided by a New Jersey bank that works with the SBA to help small business owners. You can learn something about getting a small business loan in Farmingdale, New Jersey by studying this loan to a local company, made back in 2001. Banks like Skylands Community Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT WHOLESALERS SBA Loan Lender SKYLANDS COMMUNITY BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421830 - Industrial Machinery and Equipment Wholesalers Loan Approval Date 1/19/2001 Loan Approval Gross Amount $735,000 Loan Approval from the SBA Of the total $735,000 loan amount, the SBA guaranteed $551,250. 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 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 8 new jobs and retain 6 existing jobs. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Best Banks in Somerville, New Jersey
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