Medford Lakes, New Jersey Entrepreneur Gets a Business Loan
Searching for a New Jersey SBA loan? This New Jersey entrepreneur got an SBA loan, provided by a Rhode Island bank that works with the SBA to help small business owners.
You can learn something about getting a small business loan in Medford Lakes, New Jersey by studying this loan to a local business, made back in 2000. Banks like Bank Of America may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: FURNITURE STORES
MEDFORD LAKES, NJ 08055
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
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
5712 - Furniture Stores
NAICS Code
442110 - Furniture Stores
Loan Approval Date
4/26/2000
Loan Approval Gross Amount
$23,100
Loan Approval from the SBA
Of the total $23,100 loan amount, the SBA guaranteed $11,550.
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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.
Getting an SBA Loan For Your Business
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.
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 Bank Of America 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.
Related Links:
Obtaining Funding - Friends and Family
SBA 7A Lenders in Providence, Rhode Island
SBA Lenders in Rhode Island