Raising Money for Child Day Care Services

With these business loans for child day care services, the SBA guarantees the lender that the loan will be repaid. This child day care services loan for $350,000 was given to a New Jersey entrepreneur in 2006.

This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Sun National Bank, out of Vineland, New Jersey. The loan was granted and they received $350,000 to help grow their Pedricktown, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
PEDRICKTOWN, NJ 08318

SBA Loan Lender

SUN NATIONAL BANK
226 LANDIS AVE
VINELAND, NJ 08360

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

5/23/2006

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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:

Role of Business Plan When Raising Money

SBA 7A Lenders in Vineland, New Jersey

New Jersey SBA 7A Banks