Borrow Money to Buy a Rhino Linings Franchise

Need money to buy a Rhino Linings franchise? Lakeland Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Paterson, New Jersey and are interested in buying a Rhino Linings franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by Lakeland Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

RHINO LININGS OF PATERSON
PATERSON, NJ 07502

SBA Loan Lender

LAKELAND BANK
2717 RTE 23 SOUTH
NEWFOUNDLAND, NJ 07435

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

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

4/14/2006

Loan Approval Gross Amount

$215,000

Loan Approval from the SBA

Of the total $215,000 loan amount, the SBA guaranteed $161,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rhino Linings franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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.

Related Links:

Rhino Linings

Getting a Small Business Loan

Where to Get an SBA Loan in Newfoundland, New Jersey

SBA Lenders in New Jersey