Commerce Bank/north SBA Loan to Educational Support Services Company

Commerce Bank/north is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New Jersey entrepreneur who tapped into the power of SBA loans.

This business knew how to go about getting a business bank loan. Based in Warren (warrenville), New Jersey, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Commerce Bank/north, based in Ramsey, New Jersey.

SBA Loan Borrower

COMPANY TYPE: EDUCATIONAL SUPPORT SERVICES
WARREN (WARRENVILLE), NJ 07059

SBA Loan Lender

COMMERCE BANK/NORTH
1100 LAKE ST
RAMSEY, NJ 07446

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

611710 - Educational Support Services

Loan Approval Date

10/29/2002

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 18 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are working on finding money to start a business in Warren (warrenville) NJ, you ought to talk with a local Warren (warrenville) SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Warren (warrenville) businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Commerce Bank/north had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Commerce Bank/north made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Obtaining Funding From a Venture Capitalist

Small Bank Loans in Ramsey, New Jersey

Find an SBA Lender in New Jersey