Brooklyn (borough Of New York), New York Entrepreneur Gets a Small Business Loan

Bank loans in New York are tough to come by these days. We take a look at one New York bank loan, provided by a New York bank, that was approved by the SBA.

Getting a small business loan in Brooklyn (borough Of New York), New York was a top priority for this loan applicant back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Loan Source Incorporated. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: HAT, CAP, AND MILLINERY MANUFACTURING
BROOKLYN (BOROUGH OF NEW YORK), NY 11229

SBA Loan Lender

LOAN SOURCE INCORPORATED
347 5TH AVE., SUITE 301
NEW YORK, NY 10016

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

315991 - Hat, Cap, and Millinery Manufacturing

Loan Approval Date

6/12/2002

Loan Approval Gross Amount

$585,000

Loan Approval from the SBA

Of the total $585,000 loan amount, the SBA guaranteed $438,750.

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. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 6 existing jobs.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Bank Credit Lines

SBA Banks in New York, New York

Where to Get an SBA Loan New York