Financing for Commercial and Institutional Building Construction

With these loans for commercial and institutional building construction, the SBA guarantees the lender that the loan will be repaid. This commercial and institutional building construction loan for $50,000 was given to a New York entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bohemia, New York was able to borrow $50,000 from Bank Of America. The SBA made the loan possible by guaranteeing $25,000 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS
BOHEMIA, NY 11716

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

SIC Code

1542 - General Contracting for Nonresidential Buildings

NAICS Code

233320 - Commercial and Institutional Building Construction

Loan Approval Date

7/10/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 1 new job and retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America 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:

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SBA Participating Banks in Providence, Rhode Island

Where to Get an SBA Loan Rhode Island