Business Loan from Shinhan Bank America Given to Car Washes Company

An SBA loan from Shinhan Bank America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Hillsborough, New Jersey business owner got a $379,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Shinhan Bank America, out of New York City, New York. The loan was granted and they received $379,000 to help grow their Hillsborough, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
HILLSBOROUGH, NJ 08844

SBA Loan Lender

SHINHAN BANK AMERICA
330 FIFTH AVE, 4TH FL
NEW YORK CITY, NY 10016

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

811192 - Car Washes

Loan Approval Date

8/20/2007

Loan Approval Gross Amount

$379,000

Loan Approval from the SBA

Of the total $379,000 loan amount, the SBA guaranteed $284,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 13 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 15 existing jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you 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.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Shinhan Bank America 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:

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SBA New York Lenders