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November 15, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Newfoundland, Business Loans > Lakeland Bank Newfoundland Business Loans > Locksmiths Loan | ||||
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Get an SBA Loan in Ringwood, New Jersey
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Lakeland Bank Gives Business Loan to Locksmiths CompanySBA loans in New Jersey are hard to find these days. We take a look at one New Jersey SBA loan, provided by a New Jersey bank, that was approved by the SBA. This company, based in Ringwood, New Jersey, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Lakeland Bank. We've got the inside scoop on this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: LOCKSMITHS SBA Loan Lender LAKELAND BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 561622 - Locksmiths Loan Approval Date 4/30/2007 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $100,000. 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 11 employees. This SBA loan request indicated that the funding would help create 16 new jobs. Great, But How Can I Get an SBA Loan for My Business? Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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 Who Lends Money to Small Businesses in Newfoundland, New Jersey
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