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November 21, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Toms River, Business Loans > Commerce Bank Toms River Business Loans > Hotels And Motels Loan | ||||
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Commerce Bank SBA 7A Loans
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Raising Money for Bed-and-Breakfast InnsLooking for bank loans for bed-and-breakfast inns? An SBA loan may be just what you've been looking for. This $1,540,000 bed-and-breakfast inns loan was issued by a New Jersey bank. This small firm knew how to go about getting a business bank loan. Based in Spring Lake, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Commerce Bank, based in Toms River, New Jersey. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender COMMERCE BANK This debt financing 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. SIC Code 7011 - Hotels and Motels NAICS Code 721191 - Bed-and-Breakfast Inns Loan Approval Date 5/6/2004 Loan Approval Gross Amount $1,540,000 Loan Approval from the SBA Of the total $1,540,000 loan amount, the SBA guaranteed $999,999. 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 did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Commerce Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: SBA 7A Banks in Toms River, New Jersey
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