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November 15, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Beauty Shops Loan | ||||
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Bank Of America
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Business Loan from Bank Of America Given to Beauty Shops CompanyBank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Jersey entrepreneur was able to get a loan to take a small business to the next level. This small firm knew how to go about getting a business bank loan. Based in Paterson, New Jersey, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Bank Of America, based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. SIC Code 7231 - Beauty Shops Loan Approval Date 2/11/2000 Loan Approval Gross Amount $13,500 Loan Approval from the SBA Of the total $13,500 loan amount, the SBA guaranteed $6,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 6 existing jobs. Next Steps for Getting an SBA Loan If you are wondering how to raise money for a company in Paterson NJ, you ought to talk with a local Paterson SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Paterson businesses. This SBA loan was for $13,500. How would you spend $13,500 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: Best Providence, Rhode Island Banks for Small Business
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