Medford, New Jersey Entrepreneur Gets a Small Business Loan

Would a New Jersey SBA loan help your business get to the next level? If so, you may want to talk with this Pennsylvania bank, which offers SBA loans to New Jersey entrepreneurs.

Getting a small business loan in Medford, New Jersey was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: HEATING OIL DEALERS
MEDFORD, NJ 08055

SBA Loan Lender

SOVEREIGN BANK
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454311 - Heating Oil Dealers

Loan Approval Date

12/14/2005

Loan Approval Gross Amount

$977,000

Loan Approval from the SBA

Of the total $977,000 loan amount, the SBA guaranteed $732,750.

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 3 employees. The SBA loan documents indicated that the loan would help generate 6 new jobs and retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

How Equity Dilution Works

Small Bank Loans in Wyomissing, Pennsylvania

Find an SBA Lender in Pennsylvania