Juncos, Entrepreneur Gets a Small Business Loan

Want a SBA loan? This entrepreneur got an SBA loan, provided by a bank that works with the SBA to help small business owners.

This company, based in Juncos, , offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Banco Popular De Puerto Rico. We've got the inside scoop on this small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
JUNCOS, PR 00777

SBA Loan Lender

BANCO POPULAR DE PUERTO RICO
209 MUNOZ RIVERA AVE, POPULAR
SAN JUAN, PR 00918

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

722211 - Limited-Service Restaurants

Loan Approval Date

8/28/2006

Loan Approval Gross Amount

$45,000

Loan Approval from the SBA

Of the total $45,000 loan amount, the SBA guaranteed $38,250.

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 no employees. The SBA loan documents indicated that the funding would help create 6 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Banco Popular De Puerto Rico and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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