Financing for Sales Financing

Looking for loans for sales financing? Try the SBA. This $90,000 sales financing loan was issued by a New Jersey bank.

This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Columbia Bank, out of Paramus, New Jersey. The loan was granted and they received $90,000 to help grow their Glen Rock, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: SALES FINANCING
GLEN ROCK, NJ 07452

SBA Loan Lender

COLUMBIA BANK
RTE 4 EAST, STE 304, BERGEN M
PARAMUS, NJ 07652

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

522220 - Sales Financing

Loan Approval Date

12/19/2002

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $67,500.

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 8 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 8 existing jobs.

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

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Columbia Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

The Friends and Family Network

Where to Get an SBA Loan in Paramus, New Jersey

New Jersey SBA Bank Lenders