Sun National Bank Gives Bank Loan to Full-Service Restaurants Company
Would a New Jersey small business loan help your small business to grow and prosper? If so, you may want to talk with this New Jersey bank, which offers SBA loans to New Jersey entrepreneurs.
Getting a small business loan in Ocean Grove, New Jersey was a top priority for this small company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Sun National Bank. Here are the details on this New Jersey small business loan.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
OCEAN GROVE, NJ 07712
SBA Loan Lender
SUN NATIONAL BANK
226 LANDIS AVE
VINELAND, NJ 08360
This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
10/13/2006
Loan Approval Gross Amount
$600,000
Loan Approval from the SBA
Of the total $600,000 loan amount, the SBA guaranteed $450,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 40 employees. The SBA loan application for the borrower indicated that the loan would help generate 10 new jobs and retain 40 existing jobs.
Getting an SBA Loan For Your Business
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
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.
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