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December 22, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Norwich, Business Loans > Nbt Bank, National Association Norwich Business Loans > Full-Service Restaurants Loan | ||||
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How to Get SBA Money in Bainbridge, New York
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New York Bank Loan Issued to Full-Service Restaurants CompanySmall business loans in New York are hard to find these days. We take a look at one New York small business loan, provided by a New York bank, that was approved by the SBA. By giving the right information to Nbt Bank, National Association, this Bainbridge, New York business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender NBT BANK, NATIONAL ASSOCIATION The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 12/1/2003 Loan Approval Gross Amount $237,500 Loan Approval from the SBA Of the total $237,500 loan amount, the SBA guaranteed $178,125. 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 12 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Many small businesses receive loans backed by the U.S. Small Business Administration. 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: Determining Proper Capital Structure for a Business SBA 7A Lenders in Norwich, New York
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