Raising Money for Drugs and Druggists' Sundries Wholesalers

With these business loans for drugs and druggists' sundries wholesalers, the SBA guarantees the lender that the loan will be repaid. This drugs and druggists' sundries wholesalers loan for $85,600 was given to a New York entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bronx (borough Of New York), New York was able to borrow $85,600 from Bank Of America. The SBA made the loan possible by guaranteeing $42,800 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: DRUGS AND DRUGGISTS' SUNDRIES WHOLESALERS
BRONX (BOROUGH OF NEW YORK), NY 10451

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.

NAICS Code

422210 - Drugs and Druggists' Sundries Wholesalers

Loan Approval Date

8/23/2001

Loan Approval Gross Amount

$85,600

Loan Approval from the SBA

Of the total $85,600 loan amount, the SBA guaranteed $42,800.

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 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of America so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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