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December 19, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > New York City, Business Loans > Woori America Bank New York City Business Loans > Coin-Operated Laundries And Drycleaners Loan | ||||
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SBA Lender Riverdale (riverdale-Pompton)
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SBA Loan from Woori America Bank Helps Coin-Operated Laundries And Drycleaners CompanyAn SBA loan from Woori America Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Riverdale (riverdale-Pompton), New Jersey business owner got a $253,200 loan. This small firm knew how to go about getting a business bank loan. Based in Riverdale (riverdale-Pompton), New Jersey, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Woori America Bank, based in New York City, New York. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS SBA Loan Lender WOORI AMERICA BANK 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 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 3/17/2004 Loan Approval Gross Amount $253,200 Loan Approval from the SBA Of the total $253,200 loan amount, the SBA guaranteed $189,900. 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 only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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: Obtaining Funding From a Venture Capitalist Best Banks for Small Business in New York City, New York
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