Carver Federal Savings Bank Gives Business Loan to Motor Vehicle Dealers Company

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

This business, based in Brooklyn (borough Of New York), New York, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Carver Federal Savings Bank. We've got the inside scoop on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
BROOKLYN (BOROUGH OF NEW YORK), NY 11217

SBA Loan Lender

CARVER FEDERAL SAVINGS BANK
111 LIVINGSTON ST
NEW YORK CITY, NY 11201

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

441229 - Motor Vehicle Dealers

Loan Approval Date

4/25/2003

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

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 1 new job and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Brooklyn (borough Of New York) or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Accountant's Role in Securing Financing

Small Business Banks in New York City, New York

Getting an SBA Loan in New York