SBA Loan from Bank Of America Helps Musical Groups And Artists 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.
This growing company knew how to go about getting a business bank loan. Based in Howell, New Jersey, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Bank Of America, based in Providence, Rhode Island.
SBA Loan Borrower
COMPANY TYPE: MUSICAL GROUPS AND ARTISTS
HOWELL, NJ 07731
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
711130 - Musical Groups and Artists
Loan Approval Date
8/31/2001
Loan Approval Gross Amount
$29,100
Loan Approval from the SBA
Of the total $29,100 loan amount, the SBA guaranteed $14,550.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. 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.
Great, But How Can I Get an SBA Loan for My Business?
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
We can help you find the best banks for small businesses in Howell or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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:
Advice on Getting a Small Business Loan
Best Banks for Small Business in Providence, Rhode Island
Rhode Island SBA Bank Lenders