Get an SBA Loan for Household Vacuum Cleaner Manufacturing

With these bank loans for household vacuum cleaner manufacturing, the SBA guarantees the lender that the loan will be repaid. This household vacuum cleaner manufacturing loan for $150,000 was given to a New Jersey entrepreneur in 2002.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with New Millennium Bank, out of New Brunswick, New Jersey. The loan was granted and they received $150,000 to help grow their New Brunswick, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD APPLIANCES
NEW BRUNSWICK, NJ 08901

SBA Loan Lender

NEW MILLENNIUM BANK
57 LIVINGSTON AVE
NEW BRUNSWICK, NJ 08901

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3639 - Household Appliances

NAICS Code

335212 - Household Vacuum Cleaner Manufacturing

Loan Approval Date

3/1/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from New Millennium Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Small Business Loan

Who Lends Money to Small Businesses in New Brunswick, New Jersey

New Jersey SBA Banks