Textron Business Credit, Inc. SBA Loan to Motor Vehicle Supplies And New Parts Company

Looking to get a New Jersey business loan? Here's one New Jersey business loan that was approved by the SBA.

This up and coming company knew how to go about getting a business bank loan. Based in Newark, New Jersey, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Textron Business Credit, Inc., based in Providence, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS
NEWARK, NJ 07104

SBA Loan Lender

TEXTRON BUSINESS CREDIT, INC.
40 WESTMINISTER ST
PROVIDENCE, RI 02903

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5013 - Motor Vehicle Supplies and New Parts

Loan Approval Date

8/11/2000

Loan Approval Gross Amount

$604,000

Loan Approval from the SBA

Of the total $604,000 loan amount, the SBA guaranteed $453,000.

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 7 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Textron Business Credit, Inc. are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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