Binghamton, New York Bank Lends Money to Beauty Salons Company in Binghamton, New York

Thinking about meeting with a Binghamton, New York bank about a small business loan? Here's one New York business loan, issued by a Binghamton bank, that was approved by the SBA.

Applying for an SBA loan with Manufacturers & Traders Trust worked out well for our friends at one local business in Binghamton, New York. They got an SBA loan for $93,000. Nice!

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
BINGHAMTON, NY 13904

SBA Loan Lender

MANUFACTURERS & TRADERS TRUST
58-68 EXCHANGE ST
BINGHAMTON, NY 13901

This lender issued this commercial loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

3/9/2007

Loan Approval Gross Amount

$93,000

Loan Approval from the SBA

Of the total $93,000 loan amount, the SBA guaranteed $69,750.

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 11 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

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.

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