Altamont, New York Entrepreneur Gets a Bank Loan

Looking to get a New York small business loan? This New York entrepreneur got a small business loan, provided by an Illinois bank that works with the SBA to help small business owners.

Getting a small business loan in Altamont, New York was a top priority for this small company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Banco Popular North America. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: STRUCTURAL METAL WORK
ALTAMONT, NY 12009

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
9600 W BRYN MAWR
ROSEMONT, IL 60018

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3449 - Structural Metal Work

NAICS Code

332710 - Machine Shops

Loan Approval Date

4/20/2006

Loan Approval Gross Amount

$1,144,000

Loan Approval from the SBA

Of the total $1,144,000 loan amount, the SBA guaranteed $858,000.

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 50 employees. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Banco Popular North America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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