Bank Of America SBA Loan to Small Business Loan Recipient Company
Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Jersey entrepreneur was able to get a loan to take a small business to the next level.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hackensack, New Jersey was able to borrow $16,000 from Bank Of America. The SBA made the loan possible by guaranteeing $8,000 of this New Jersey small business loan.
SBA Loan Borrower
SMALL BUSINESS LOAN RECIPIENT
HACKENSACK, NJ 07601
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
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.
NAICS Code
541110 - Lawyers
Loan Approval Date
11/1/2004
Loan Approval Gross Amount
$16,000
Loan Approval from the SBA
Of the total $16,000 loan amount, the SBA guaranteed $8,000.
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 only one employee. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Bank Credit Lines
SBA 7A Banks in Providence, Rhode Island
Getting a Business Loan in Rhode Island