How to Get a Loan for Computer Systems Design Services
With these business loans for computer systems design services, the SBA guarantees the lender that the loan will be repaid. This computer systems design services loan for $37,500 was given to a New Jersey entrepreneur in 2005.
This small business knew how to go about getting a business bank loan. Based in Iselin, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Bank Of America, based in Providence, Rhode Island.
SBA Loan Borrower
COMPANY TYPE: COMPUTER SYSTEMS DESIGN SERVICES
ISELIN, NJ 08830
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.
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
541512 - Computer Systems Design Services
Loan Approval Date
5/2/2005
Loan Approval Gross Amount
$37,500
Loan Approval from the SBA
Of the total $37,500 loan amount, the SBA guaranteed $18,750.
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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs.
Next Steps for Getting an SBA Loan
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.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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 7A Lenders in Providence, Rhode Island
Getting an SBA Loan in Rhode Island