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November 21, 2024  
 
 
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Scotch Plains (township Of), New Jersey Bank Loan

 

 
Loan Census SBA Loan Info

Valley National Bank Provides SBA Loan to Buy Philly Connection Franchise

Need a loan to buy a Philly Connection franchise? Valley National Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Scotch Plains (township Of), New Jersey needed money to invest in a Philly Connection franchise back in 2003. Valley National Bank issued an SBA franchise loan. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

PHILLY CONNECTION
SCOTCH PLAINS (TOWNSHIP OF), NJ 07078

SBA Loan Lender

VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060

This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/26/2003

Loan Approval Gross Amount

$160,000

Loan Approval from the SBA

Of the total $160,000 loan amount, the SBA guaranteed $120,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Philly Connection franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 2 new jobs and retain 1 existing job.

Getting an SBA Loan For Your 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Valley National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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