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November 14, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Amherst, Business Loans > Manufacturers & Traders Trust Amherst Business Loans > Raff Enterprises, LLC Loan | ||||
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Raising Money in Albany, New York With SBA Loans
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New York Entrepreneur Secures Financing to Buy California Closet closet Organizer FranchiseNeed a loan to invest in a California Closet closet Organizer franchise? Manufacturers & Traders Trust has a history of making these loans and they are guaranteed by the SBA. If you live near Albany, New York and are interested in buying a California Closet closet Organizer franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Manufacturers & Traders Trust. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower RAFF ENTERPRISES, LLC SBA Loan Lender MANUFACTURERS & TRADERS TRUST This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5963 - Direct Selling Establishments NAICS Code 454390 - Direct Selling Establishments Loan Approval Date 7/16/2003 Loan Approval Gross Amount $225,000 Loan Approval from the SBA Of the total $225,000 loan amount, the SBA guaranteed $168,750. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a California Closet closet Organizer franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. 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: California Closet Company, Inc. Obtaining Funding - Getting Venture Capital SBA Participating Banks in Amherst, New York
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