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November 24, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > New York, Business Loans > Business Loan Center, LLC New York Business Loans > Hotels And Motels Loan | ||||
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New York, New York SBA 7A Banks
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New York, New York Bank Lends Money to Hotels And Motels Company in South Beach Haven, New JerseyA New York, New York small business loan can be yours. Learn how one firm got a $500,000 business loan from this New York bank. This loan to a local firm is a good example of an SBA loan. Business Loan Center, LLC made the loan and the SBA guaranteed a portion of the loan. Many other New Jersey entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender BUSINESS LOAN CENTER, LLC The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7011 - Hotels and Motels NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 3/13/2003 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 76 employees. This SBA loan request did not indicate that the small business promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business 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: How Much Venture Capital Is There? Best New York, New York Banks for Small Business
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