Entrepreneur Works With New York, New York Bank to Get an SBA Loan

Thinking about meeting with a New York, New York bank about a business loan? Here's one New Jersey business loan, issued by a New York bank, that was approved by the SBA.

Applying for an SBA loan with Business Loan Center, LLC worked out well for our friends at one local business in Flemington, New Jersey. The business was able to get an SBA loan for $664,000. Great job!

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING PLANTS
FLEMINGTON, NJ 08822

SBA Loan Lender

BUSINESS LOAN CENTER, LLC
1633 BROADWAY, 39TH FL
NEW YORK, NY 10019

This bank 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

7216 - Drycleaning Plants

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

11/22/2000

Loan Approval Gross Amount

$664,000

Loan Approval from the SBA

Of the total $664,000 loan amount, the SBA guaranteed $498,000.

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 98 employees. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Business Loan Center, LLC so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Small Business Loan

SBA Approved Banks in New York, New York

New York SBA Bank Lenders