City National Bank - New Jersey SBA Loan to Limited-Service Restaurants Company

An SBA loan from City National Bank - New Jersey typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a South Orange, New Jersey business owner got a $860,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with City National Bank - New Jersey, out of Newark, New Jersey. The loan was granted and they received $860,000 to help grow their South Orange, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
SOUTH ORANGE, NJ 07079

SBA Loan Lender

CITY NATIONAL BANK - NEW JERSEY
900 BROAD ST
NEWARK, NJ 07102

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

4/25/2007

Loan Approval Gross Amount

$860,000

Loan Approval from the SBA

Of the total $860,000 loan amount, the SBA guaranteed $645,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 9 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 6 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

Dealing With Venture Capitalists

Where to Get an SBA Loan in Newark, New Jersey

SBA Lenders in New Jersey