How to Get a Loan for Car Washes

Looking for business loans for car washes? Try the SBA. This $923,700 car washes loan was issued by a New Jersey bank.

Getting a small business loan in Philadelphia, Pennsylvania was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Valley National Bank, operating out of North Plainfield, New Jersey. Here are the details on this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
PHILADELPHIA, PA 19154

SBA Loan Lender

VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

2/1/2002

Loan Approval Gross Amount

$923,700

Loan Approval from the SBA

Of the total $923,700 loan amount, the SBA guaranteed $692,775.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 20 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 20 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Philadelphia PA, you ought to talk with a local Philadelphia SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Philadelphia businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Valley National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Small Business Credit Cards

Best Banks in North Plainfield, New Jersey

Where to Get an SBA Loan New Jersey