Millburn (town Of), New Jersey Business Gets SBA-Guaranteed Funding from Flushing Savings Bank, Fsb
An SBA loan from Flushing Savings Bank, Fsb typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Millburn (town Of), New Jersey business owner got a $520,000 loan.
Getting a small business loan in Millburn (town Of), New Jersey was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Flushing Savings Bank, Fsb, operating out of New York City, New York. Here are the details on this New Jersey small business loan.
SBA Loan Borrower
COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
MILLBURN (TOWN OF), NJ 07041
SBA Loan Lender
FLUSHING SAVINGS BANK, FSB
33 IRVING PL
NEW YORK CITY, NY 10003
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.
NAICS Code
812320 - Drycleaning and Laundry Services
Loan Approval Date
6/30/2006
Loan Approval Gross Amount
$520,000
Loan Approval from the SBA
Of the total $520,000 loan amount, the SBA guaranteed $390,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 6 employees. The loan application indicated that the loan would help generate 1 new job and retain 7 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
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.
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