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December 24, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Warsaw, Business Loans > Five Star Bank Warsaw Business Loans > Port And Harbor Operations Loan | ||||
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Banks in New York
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Port and Harbor Operations Bank LoansWith these bank loans for port and harbor operations, the SBA guarantees the lender that the loan will be repaid. This port and harbor operations loan for $65,000 was given to a New York entrepreneur in 2006. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bloomfield, New York was able to borrow $65,000 from Five Star Bank. The SBA made the loan possible by guaranteeing $55,250 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: PORT AND HARBOR OPERATIONS SBA Loan Lender FIVE STAR BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 488310 - Port and Harbor Operations Loan Approval Date 3/21/2006 Loan Approval Gross Amount $65,000 Loan Approval from the SBA Of the total $65,000 loan amount, the SBA guaranteed $55,250. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 1 existing job. Next Steps for Getting an SBA Loan If you need money to start business in Bloomfield NY, you ought to talk with a local Bloomfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bloomfield businesses. 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: Raising VC Money for Social Networking Companies Small Business Banks in Warsaw, New York Browse All Business Loan Sources for New York
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