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November 14, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > New York City, Business Loans > Banco Popular North America New York City Business Loans > Appliance Repair And Maintenance Loan | ||||
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Raising Money in Newark, New Jersey With SBA Loans
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How to Get a Loan for Appliance Repair and MaintenanceLooking for business loans for appliance repair and maintenance? Try the SBA. This $25,000 appliance repair and maintenance loan was issued by a New York bank. This business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Banco Popular North America, out of New York City, New York. The loan was granted and they received $25,000 to help grow their Newark, New Jersey business. SBA Loan Borrower COMPANY TYPE: APPLIANCE REPAIR AND MAINTENANCE SBA Loan Lender BANCO POPULAR NORTH AMERICA The lender provided this small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 811412 - Appliance Repair and Maintenance Loan Approval Date 5/30/2007 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. 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 2 employees. The loan application indicated that the loan would help generate 1 new job and retain 3 existing jobs. Getting an SBA Loan For Your 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: SBA 7A Lenders in New York City, New York
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