Montclair, New Jersey Entrepreneur Gets an SBA Loan

Bank loans in New Jersey are are few and far betweeen these days. We take a look at one New Jersey bank loan, provided by a New Jersey bank, that was approved by the SBA.

Getting a small business loan in Montclair, New Jersey was a top priority for this loan applicant back in 2002 and, based on their loan application, they were successful in getting an SBA loan from City National Bank - New Jersey. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: OFFICES AND CLINICS OF OPTOMETRISTS
MONTCLAIR, NJ 07042

SBA Loan Lender

CITY NATIONAL BANK - NEW JERSEY
241 SPRINGFIELD AVE
NEWARK, NJ 07103

This lender issued this SBA small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8042 - Offices and Clinics of Optometrists

NAICS Code

621320 - Optometrists

Loan Approval Date

4/12/2002

Loan Approval Gross Amount

$255,000

Loan Approval from the SBA

Of the total $255,000 loan amount, the SBA guaranteed $191,250.

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 4 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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