Business Loan from The Town Bank Given to Child Day Care Services Company

An SBA loan from The Town Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Westfield, New Jersey business owner got a $120,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Westfield, New Jersey was able to borrow $120,000 from The Town Bank. The SBA made the loan possible by guaranteeing $102,000 of this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
WESTFIELD, NJ 07090

SBA Loan Lender

THE TOWN BANK
44 ELM ST
WESTFIELD, NJ 07090

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8351 - Child Day Care Services

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

1/3/2002

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 5 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like The Town 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:

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Where to Get an SBA Loan in Westfield, New Jersey

Where to Get an SBA Loan New Jersey