Magyar Bank has received Preferred Lender status from the Small Business Administration,
one of a few select lenders in New Jersey to receive thisdesignation. Loan decisions are
made locally by experienced Lenders who are familiar with local economic conditions,
and the Preferred Lender status allows Magyar to expedite the approval and application
process for SBA Loans and return a decision back fast.
This, the SBA’s primary loan program, helps qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels. Financing under this program may be used for a variety of general business purposes including working capital machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). The maximum amount of this loan is $5,000,000.
504 Certified Development Company (CDC): provides long-term fixed-rate “brick and mortar” financing to small businesses to acquire real estate, machinery or equipment for expansion or modernization. Typically a 504 project requires a 10 percent contribution from the borrower. Maximum amount of this loan is $5,000,000.
Loans subject to credit approval.
Visit any Magyar Bank location, call 1-888-990-BANKor complete our contact form for more information and to open your account.