SBA Loan from Woori America Bank Helps Power Laundries, Family And Commercial Company

An SBA loan from Woori America Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Whitehouse Station, New Jersey business owner got a $136,000 loan.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Woori America Bank, out of Fort Lee, New Jersey. The loan was granted and they received $136,000 to help grow their Whitehouse Station, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: POWER LAUNDRIES, FAMILY AND COMMERCIAL
WHITEHOUSE STATION, NJ 08889

SBA Loan Lender

WOORI AMERICA BANK
2053 LEMOINE AVE
FORT LEE, NJ 07024

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7211 - Power Laundries, Family and Commercial

NAICS Code

333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing

Loan Approval Date

7/24/2003

Loan Approval Gross Amount

$136,000

Loan Approval from the SBA

Of the total $136,000 loan amount, the SBA guaranteed $115,600.

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 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

We can help you find the best banks for small businesses in Whitehouse Station 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.

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