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November 15, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Fairfield, Business Loans > Sovereign Bank Fairfield Business Loans > Grocery Stores Loan | ||||
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Business Loans for Toms River Small Business Owners
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Financing for Convenience StoresWith these commercial loans for convenience stores, the SBA guarantees the lender that the loan will be repaid. This convenience stores loan for $153,000 was given to a New Jersey entrepreneur in 2002. This small business knew how to go about getting a business bank loan. Based in Toms River, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Sovereign Bank, based in Fairfield, New Jersey. SBA Loan Borrower COMPANY TYPE: GROCERY STORES SBA Loan Lender SOVEREIGN BANK 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. SIC Code 5411 - Grocery Stores NAICS Code 445120 - Convenience Stores Loan Approval Date 4/12/2002 Loan Approval Gross Amount $153,000 Loan Approval from the SBA Of the total $153,000 loan amount, the SBA guaranteed $114,750. 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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sovereign 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: Borrowing Money from Friends and Family Best Banks in Fairfield, New Jersey
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