Philadelphia, Pennsylvania Lender Lends Money to Full-Service Restaurants Company

Want to talk with a Philadelphia, Pennsylvania bank about a business loan? Here's one New Jersey business loan, issued by a Philadelphia bank, that was approved by the SBA.

Applying for an SBA loan with Commerce Bank worked out well for our friends at one local company in Scotch Plains (township Of), New Jersey. They received an SBA loan for $1,550,000. Great job!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
SCOTCH PLAINS (TOWNSHIP OF), NJ 07076

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

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

7/30/2003

Loan Approval Gross Amount

$1,550,000

Loan Approval from the SBA

Of the total $1,550,000 loan amount, the SBA guaranteed $999,998.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help retain 30 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Accountant's Role in Securing Financing

Find an SBA Lender in Philadelphia, Pennsylvania

SBA Pennsylvania Banks