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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > New York City, Business Loans > Sovereign Bank New York City Business Loans > Variety Stores Loan | ||||
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New York Small Business Funding
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General Merchandise Stores LoansWith these loans for general merchandise stores, the SBA guarantees the lender that the loan will be repaid. This general merchandise stores loan for $350,000 was given to a New York entrepreneur in 2002. This company knew how to go about getting a business bank loan. Based in Brooklyn, New York, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Sovereign Bank, based in New York City, New York. SBA Loan Borrower COMPANY TYPE: VARIETY STORES SBA Loan Lender SOVEREIGN BANK This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5331 - Variety Stores NAICS Code 452990 - General Merchandise Stores Loan Approval Date 2/12/2002 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $262,500. 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 3 employees. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Best Banks in New York City, New York
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