Business Loan from Bank Of America Given to Computer Systems Design Services Company

Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a New York entrepreneur was able to get a loan to take a small business to the next level.

This growing company knew how to go about getting a business bank loan. Based in Albany, New York, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Bank Of America, based in Providence, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: COMPUTER SYSTEMS DESIGN SERVICES
ALBANY, NY 12205

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This SBA business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

541512 - Computer Systems Design Services

Loan Approval Date

7/31/2001

Loan Approval Gross Amount

$55,600

Loan Approval from the SBA

Of the total $55,600 loan amount, the SBA guaranteed $27,800.

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 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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

Related Links:

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SBA Participating Banks in Providence, Rhode Island

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