Cranbury, New Jersey Bank Gives SBA Loan to Full-Service Restaurants Company

Get to know Cranbury, New Jersey banks that specialize in SBA loans and know how to work with entrepreneurs. 1st Constitution Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Ridgewood, New Jersey starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from 1st Constitution Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
Ridgewood, NJ 07450

SBA Loan Lender

1ST CONSTITUTION BANK
RTE 130 & DEY RD
CRANBURY, NJ 08512

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

722110 - Full-Service Restaurants

Loan Approval Date

11/8/2005

Loan Approval Gross Amount

$320,000

Loan Approval from the SBA

Of the total $320,000 loan amount, the SBA guaranteed $240,000.

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 12 employees. The loan application indicated that the loan would help retain 12 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.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from 1st Constitution Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Understanding Dilution

SBA Approved Banks in Cranbury, New Jersey

Getting an SBA Loan in New Jersey