Where to Get Capital for General Line Grocery Wholesalers

Looking for small business loans for general line grocery wholesalers? An SBA loan may be just what you've been looking for. This $830,000 general line grocery wholesalers loan was issued by a New York bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Westbury, New York was able to borrow $830,000 from Jpmorgan Chase Bank. The SBA made the loan possible by guaranteeing $747,000 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL LINE GROCERY WHOLESALERS
WESTBURY, NY 11590

SBA Loan Lender

JPMORGAN CHASE BANK
1401 FRANKLIN AVE
GARDEN CITY, NY 11530

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

422410 - General Line Grocery Wholesalers

Loan Approval Date

8/29/2001

Loan Approval Gross Amount

$830,000

Loan Approval from the SBA

Of the total $830,000 loan amount, the SBA guaranteed $747,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Jpmorgan Chase Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Jpmorgan Chase Bank 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.

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