Business Loan from Unity Bank Given to Siding Contractors Company
Unity Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New Jersey entrepreneur who tapped into the power of SBA loans.
This business knew how to go about getting a business bank loan. Based in Plainfield, New Jersey, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Unity Bank, based in Clinton, New Jersey.
SBA Loan Borrower
COMPANY TYPE: SIDING CONTRACTORS
Plainfield, NJ 07062
SBA Loan Lender
UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809
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
238170 - Siding Contractors
Loan Approval Date
9/29/2005
Loan Approval Gross Amount
$555,000
Loan Approval from the SBA
Of the total $555,000 loan amount, the SBA guaranteed $416,250.
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 11 employees. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 11 existing jobs.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $555,000 loan. Remember, anyone can do it... so why not you?
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.
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SBA 7A Banks for Clinton, New Jersey Loans
New Jersey SBA 7A Banks