Bank Loans for Full-Service Restaurants
With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $540,000 was given to a New Jersey entrepreneur in 2002.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Vincentown, New Jersey was able to borrow $540,000 from Valley National Bank. The SBA made the loan possible by guaranteeing $405,000 of this New Jersey small business loan.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
VINCENTOWN, NJ 08088
SBA Loan Lender
VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
9/26/2002
Loan Approval Gross Amount
$540,000
Loan Approval from the SBA
Of the total $540,000 loan amount, the SBA guaranteed $405,000.
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 14 employees. The loan application indicated that the loan would help retain 14 existing jobs.
Next Steps for Getting an SBA Loan
If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.
We can help you find the best banks for small businesses in Vincentown or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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:
The Friends and Family Network
Small Business Banks in North Plainfield, New Jersey
New Jersey SBA Bank Lenders