Business Loan from Progressive Cu Given to Eating Places Company

An SBA loan from Progressive Cu typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Middletown, New Jersey business owner got a $100,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Progressive Cu, out of New York City, New York. The loan was granted and they received $100,000 to help grow their Middletown, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
MIDDLETOWN, NJ 07748

SBA Loan Lender

PROGRESSIVE CU
370 7TH AVE, STE 1400
NEW YORK CITY, NY 10001

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/23/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 15 employees. The loan application did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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