Buffalo, New York Business Gets SBA-Guaranteed Funding from First Niagara Bank

First Niagara Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans.

This business knew how to go about getting a business bank loan. Based in Buffalo, New York, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was First Niagara Bank, based in Buffalo, New York.

SBA Loan Borrower

COMPANY TYPE: PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES
BUFFALO, NY 14223

SBA Loan Lender

FIRST NIAGARA BANK
2141 ELMWOOD AVE
BUFFALO, NY 14207

This lender issued this SBA business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541990 - Professional, Scientific, and Technical Services

Loan Approval Date

7/24/2003

Loan Approval Gross Amount

$675,000

Loan Approval from the SBA

Of the total $675,000 loan amount, the SBA guaranteed $506,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 114 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

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

If you are wondering how to raise money for a business in Buffalo NY, you ought to talk with a local Buffalo SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Buffalo businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Niagara Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Obtaining Funding - How to Decide How Much to Raise

SBA Approved Banks in Buffalo, New York

New York SBA 7A Lenders