How to Get a Loan for New Single-Family Housing Construction
Looking for commercial loans for new single-family housing construction? Talk to a banker who works with the SBA. This $10,000 new single-family housing construction loan was issued by a North Carolina bank.
Getting a small business loan in Brooklyn, New York was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Charlotte, North Carolina. Here are the details on this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION
BROOKLYN, NY 11211
SBA Loan Lender
BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255
This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
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
236115 - New Single-Family Housing Construction
Loan Approval Date
4/20/2006
Loan Approval Gross Amount
$10,000
Loan Approval from the SBA
Of the total $10,000 loan amount, the SBA guaranteed $5,000.
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 4 employees. The SBA loan documents indicated that the loan would help retain 4 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
If you are raising money in Brooklyn NY, you ought to talk with a local Brooklyn SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Brooklyn 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:
Find Start-Up Capital
SBA Approved Banks in Charlotte, North Carolina
SBA Lenders in North Carolina