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December 3, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Philadelphia, Business Loans > Commerce Bank Philadelphia Business Loans > Learning Express Loan | ||||
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Where to Get a Bank Loan to Purchase a Franchise
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Hackettstown, NJ Entrepreneur Gets SBA Loan to Buy Learning Express FranchiseNeed a loan to purchase a Learning Express franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Hackettstown, New Jersey needed money to invest in a Learning Express franchise back in 2004. Commerce Bank issued an SBA franchise loan. Here are the details on this New Jersey small business loan. SBA Loan Borrower LEARNING EXPRESS SBA Loan Lender COMMERCE 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 453998 - Store Retailers Loan Approval Date 12/7/2004 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $187,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Learning Express franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 15 new jobs and retain 1 existing job. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Commerce Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Good Banks for Small Business in Philadelphia, Pennsylvania
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