Getting an SBA Loan for Employment Placement Agencies

Looking for commercial loans for employment placement agencies? The SBA may be the answer. This $200,000 employment placement agencies loan was issued by a Pennsylvania bank.

This business knew how to go about getting a business bank loan. Based in Mullica Hill, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Sovereign Bank, based in Villanova, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: EMPLOYMENT PLACEMENT AGENCIES
MULLICA HILL, NJ 08062

SBA Loan Lender

SOVEREIGN BANK
2 ALDWYN LN
VILLANOVA, PA 19085

This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

561311 - Employment Placement Agencies

Loan Approval Date

10/18/2007

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $100,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 loan application did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you need business start up money in Mullica Hill NJ, you ought to talk with a local Mullica Hill SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mullica Hill businesses.

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 Sovereign Bank 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:

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Getting an SBA Loan in Pennsylvania