Raising Money for Convenience Stores

With these bank loans for convenience stores, the SBA guarantees the lender that the loan will be repaid. This convenience stores loan for $25,000 was given to a New Jersey entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in South Plainfield, New Jersey was able to borrow $25,000 from Millennium Bcpbank. The SBA made the loan possible by guaranteeing $12,500 of this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
SOUTH PLAINFIELD, NJ 07080

SBA Loan Lender

MILLENNIUM BCPBANK
255 LAFAYETTE ST
NEWARK, NJ 07105

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

445120 - Convenience Stores

Loan Approval Date

8/18/2005

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Millennium Bcpbank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Millennium Bcpbank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Family and Friend Investors - Your First Financiers

Find an SBA Lender in Newark, New Jersey

SBA New Jersey Lenders