Personal Services Bank Loans
With these bank loans for personal services, the SBA guarantees the lender that the loan will be repaid. This personal services loan for $135,000 was given to a New York entrepreneur in 2002.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Amherst, New York was able to borrow $135,000 from Hsbc Bank Usa. The SBA made the loan possible by guaranteeing $114,750 of this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: PERSONAL SERVICES
AMHERST, NY 14051
SBA Loan Lender
HSBC BANK USA
ONE HSBC CTR
BUFFALO, NY 14203
This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7299 - Personal Services
NAICS Code
812990 - Personal Services
Loan Approval Date
2/22/2002
Loan Approval Gross Amount
$135,000
Loan Approval from the SBA
Of the total $135,000 loan amount, the SBA guaranteed $114,750.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 7 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $135,000 loan. Remember, where there is a will, there is a way!
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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