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December 22, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Durable Goods Loan | ||||
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Bank Of America
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Business Loan from Bank Of America Given to Durable Goods CompanyAn SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fort Lee, New Jersey business owner got a $100,000 loan. This growing company knew how to go about getting a business bank loan. Based in Fort Lee, New Jersey, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Bank Of America, based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: DURABLE GOODS SBA Loan Lender BANK OF AMERICA 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 5099 - Durable Goods NAICS Code 421990 - Durable Goods Wholesalers Loan Approval Date 4/26/2000 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: SBA 7A Banks for Providence, Rhode Island Loans
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