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December 22, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Newfoundland, Business Loans > Lakeland Bank Newfoundland Business Loans > Full-Service Restaurants Loan | ||||
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NJ Small Business Loans from Lakeland Bank
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SBA Loan from Lakeland Bank Helps Full-Service Restaurants CompanyLakeland 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. This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Lakeland Bank, out of Newfoundland, New Jersey. The loan was granted and they received $520,000 to help grow their Sparta (census Name Lake Mohaw, New Jersey business. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender LAKELAND BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 5/14/2004 Loan Approval Gross Amount $520,000 Loan Approval from the SBA Of the total $520,000 loan amount, the SBA guaranteed $390,000. 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 6 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 8 existing jobs. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Best Banks for Small Business in Newfoundland, New Jersey
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