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December 23, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Eating Places Loan | ||||
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SBA Lender Manville New Jersey
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Full-Service Restaurants Business LoansLooking for business loans for full-service restaurants? Talk to a banker who works with the SBA. This $18,000 full-service restaurants loan was issued by a Rhode Island bank. This small business knew how to go about getting a business bank loan. Based in Manville, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Bank Of America, based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 3/7/2000 Loan Approval Gross Amount $18,000 Loan Approval from the SBA Of the total $18,000 loan amount, the SBA guaranteed $9,000. 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. This SBA loan request indicated that the loan would help generate 1 new job and retain 3 existing jobs. Start the Process for Getting an SBA Loan Today! SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Banking Deregulation's Effects on Entrepreneurship Best Providence, Rhode Island Banks for Small Business
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