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December 20, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Saddle Brook, Business Loans > Td Banknorth Saddle Brook Business Loans > Medical, Dental And Hospital Equipment Loan | ||||
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Banks in Saddle Brook, New Jersey That Make SBA Loans
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Entrepreneur Works With Saddle Brook, New Jersey Bank to Get an SBA LoanWant to talk with a Saddle Brook, New Jersey bank about an SBA loan? Here's one New Jersey business loan, issued by a Saddle Brook bank, that was approved by the SBA. Applying for an SBA loan with Td Banknorth worked out well for our friends at one local company in Montvale, New Jersey. They got an SBA loan for $42,000. Sweet! SBA Loan Borrower COMPANY TYPE: MEDICAL, DENTAL AND HOSPITAL EQUIPMENT SBA Loan Lender TD BANKNORTH This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5047 - Medical, Dental and Hospital Equipment NAICS Code 421450 - Medical, Dental, and Hospital Equipment and Supplies Wholesalers Loan Approval Date 9/27/2002 Loan Approval Gross Amount $42,000 Loan Approval from the SBA Of the total $42,000 loan amount, the SBA guaranteed $35,700. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: A Company That Helps Entrepreneurs Best Saddle Brook, New Jersey Banks for Small Business
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