Ballston Spa, New York Business Gets SBA-Guaranteed Funding from Ballston Spa National Bank

An SBA loan from Ballston Spa National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Ballston Spa, New York business owner got a $150,000 loan.

Getting a small business loan in Ballston Spa, New York was an essential business goal for this firm back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Ballston Spa National Bank, operating out of Ballston Spa, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: FABRICATED METAL PRODUCTS
BALLSTON SPA, NY 12020

SBA Loan Lender

BALLSTON SPA NATIONAL BANK
87 FRONT ST
BALLSTON SPA, NY 12020

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3499 - Fabricated Metal Products

NAICS Code

332999 - Fabricated Metal Product Manufacturing

Loan Approval Date

12/31/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 6 employees. This SBA loan request did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Ballston Spa National Bank 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.

Related Links:

Strategic Investors

Small Bank Loans in Ballston Spa, New York

Browse All Business Loan Sources for New York