Jersey City, New Jersey Entrepreneur Gets a Small Business Loan

Searching for a New Jersey business loan? This New Jersey entrepreneur got a business loan, provided by a New Jersey bank that works with the SBA to help small business owners.

Getting a small business loan in Jersey City, New Jersey was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Commerce Bank/north. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: INDEPENDENT ARTISTS, WRITERS, AND PERFORMERS
JERSEY CITY, NJ 07307

SBA Loan Lender

COMMERCE BANK/NORTH
1100 LAKE ST
RAMSEY, NJ 07446

This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

711510 - Independent Artists, Writers, and Performers

Loan Approval Date

6/14/2002

Loan Approval Gross Amount

$475,800

Loan Approval from the SBA

Of the total $475,800 loan amount, the SBA guaranteed $356,850.

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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 7 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

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