Union City, New Jersey Business Gets SBA-Guaranteed Funding from Td Banknorth

An SBA loan from Td Banknorth typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Union City, New Jersey business owner got a $179,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Union City, New Jersey, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Td Banknorth, based in Mahwah, New Jersey.

SBA Loan Borrower

COMPANY TYPE: TEMPORARY HELP SERVICES
UNION CITY, NJ 07087

SBA Loan Lender

TD BANKNORTH
1000 MACARTHUR BLVD
MAHWAH, NJ 07430

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561320 - Temporary Help Services

Loan Approval Date

3/28/2002

Loan Approval Gross Amount

$179,000

Loan Approval from the SBA

Of the total $179,000 loan amount, the SBA guaranteed $134,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 7 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

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