Local Business Gets a New Jersey Bank Loan

Want 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.

This small business, based in Lafayette, New Jersey, 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 Skylands Community Bank. We've got the inside scoop on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICES
LAFAYETTE, NJ 07848

SBA Loan Lender

SKYLANDS COMMUNITY BANK
176 MOUNTAIN AVE
HACKETTSTOWN, NJ 07840

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7389 - Business Services

NAICS Code

561422 - Telemarketing Bureaus and Contact Centers

Loan Approval Date

12/11/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

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

If you need money to start business in Lafayette NJ, you ought to talk with a local Lafayette SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lafayette businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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