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November 24, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > North Plainfield, Business Loans > Valley National Bank North Plainfield Business Loans > Hotels And Motels Loan | ||||
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New Jersey Bank SBA Loans
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Valley National Bank SBA Loan to Hotels And Motels CompanyLooking to get a New Jersey business loan? Here's one New Jersey business loan that was approved by the SBA. This up and coming company knew how to go about getting a business bank loan. Based in Lakehurst, New Jersey, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Valley National Bank, based in North Plainfield, New Jersey. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender VALLEY NATIONAL BANK This lender provides SBA bank 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. SIC Code 7011 - Hotels and Motels Loan Approval Date 4/24/2000 Loan Approval Gross Amount $773,500 Loan Approval from the SBA Of the total $773,500 loan amount, the SBA guaranteed $580,125. 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 For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: Best Banks for Small Business in North Plainfield, New Jersey
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