Newark, New Jersey Bank Gives SBA Loan to Coin-Operated Laundries And Drycleaning Company

Want to talk with a Newark, New Jersey bank about an SBA loan? Here's one New York business loan, issued by a Newark bank, that was approved by the SBA.

Applying for an SBA loan with City National Bank - New Jersey worked out well for our friends at one local firm in Jackson Heights, New York. They received an SBA loan for $140,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
JACKSON HEIGHTS, NY 11372

SBA Loan Lender

CITY NATIONAL BANK - NEW JERSEY
900 BROAD ST
NEWARK, NJ 07102

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

11/21/2002

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

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 application for the borrower did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. City National Bank - New Jersey had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, City National Bank - New Jersey made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Accountant's Role in Securing Financing

SBA Participating Banks in Newark, New Jersey

Where to Get an SBA Loan New Jersey