Sovereign Bank Gives Business Loan to Gasoline Stations 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 York bank, which offers SBA loans to New Jersey entrepreneurs.

This company, based in Paterson, New Jersey, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Sovereign Bank. We've got the inside scoop on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE STATIONS
PATERSON, NJ 17502

SBA Loan Lender

SOVEREIGN BANK
195 MONTAGUE ST
NEW YORK CITY, NY 11201

This lender provides SBA loan for small businesses 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

447190 - Gasoline Stations

Loan Approval Date

9/30/2005

Loan Approval Gross Amount

$635,000

Loan Approval from the SBA

Of the total $635,000 loan amount, the SBA guaranteed $476,250.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

Start the Process for Getting an SBA Loan Today!

Don't forget. To get an SBA loan, you must 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.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Sovereign Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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 - Friends and Family

Find an SBA Lender in New York City, New York

SBA Participating Banks in New York