Passaic, New Jersey Entrepreneur Gets a Small Business Loan

Looking to get a New Jersey SBA loan? This New Jersey entrepreneur got an SBA loan, provided by a New York bank that works with the SBA to help small business owners.

Getting a small business loan in Passaic, New Jersey was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL BAKERIES
PASSAIC, NJ 07055

SBA Loan Lender

SOVEREIGN BANK
195 MONTAGUE ST
NEW YORK CITY, NY 11201

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311812 - Commercial Bakeries

Loan Approval Date

6/26/2003

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 80 employees. The SBA loan documents indicated that the loan would help retain 80 existing jobs.

Start the Process for Getting an SBA Loan Today!

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

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Sovereign Bank and they will explain how you can get an SBA loan for your company.

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:

Obtaining Funding - How to Borrow Money

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