The Provident Bank SBA Loan to Nondurable Goods Company

The Provident Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Jersey entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in South Amboy, New Jersey was an essential business goal for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from The Provident Bank, operating out of Jersey City, New Jersey. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: NONDURABLE GOODS
SOUTH AMBOY, NJ 08879

SBA Loan Lender

THE PROVIDENT BANK
830 BERGEN AVE
JERSEY CITY, NJ 07306

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5199 - Nondurable Goods

NAICS Code

422990 - Nondurable Goods Wholesalers

Loan Approval Date

5/7/2002

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

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 10 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Angel Investors

SBA 7A Banks for Jersey City, New Jersey Loans

SBA New Jersey Banks