New Jersey Bank Loan Issued to Commercial And Industrial Machinery And Equipment Rental And Leasing Company

Bank loans in New Jersey are are few and far betweeen these days. We take a look at one New Jersey bank loan, provided by a California bank, that was approved by the SBA.

Getting a small business loan in Wharton, New Jersey was a top priority for this loan applicant back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Wachovia Sba Lending, Inc.. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT RENTAL AND LEASING
WHARTON, NJ 07885

SBA Loan Lender

WACHOVIA SBA LENDING, INC.
1620 E. ROSEVILLE PKWY, STE 1
ROSEVILLE, CA 95661

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

532490 - Commercial and Industrial Machinery and Equipment Rental and Leasing

Loan Approval Date

8/18/2005

Loan Approval Gross Amount

$1,175,800

Loan Approval from the SBA

Of the total $1,175,800 loan amount, the SBA guaranteed $881,850.

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 18 employees. The SBA loan documents indicated that the loan would help generate 9 new jobs and retain 9 existing jobs.

Start the Process for Getting an SBA Loan Today!

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

Related Links:

Business Credit Evaluation

SBA Approved Banks in Roseville, California

Getting a Business Loan in California