Borrowing Money for Coin-Operated Laundries and Drycleaners
With these small business loans for coin-operated laundries and drycleaners, the SBA guarantees the lender that the loan will be repaid. This coin-operated laundries and drycleaners loan for $71,100 was given to a New York entrepreneur in 2004.
This small firm knew how to go about getting a business bank loan. Based in Cadyville, New York, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was New York Business Devel Corp, based in Albany, New York.
SBA Loan Borrower
COMPANY TYPE: SHOE REPAIR SHOPS AND SHOESHINE PARLORS
CADYVILLE, NY 12918
SBA Loan Lender
NEW YORK BUSINESS DEVEL CORP
50 BEAVER STREET, P.O. BOX 73
ALBANY, NY 12201
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7251 - Shoe Repair Shops and Shoeshine Parlors
NAICS Code
812310 - Coin-Operated Laundries and Drycleaners
Loan Approval Date
11/12/2004
Loan Approval Gross Amount
$71,100
Loan Approval from the SBA
Of the total $71,100 loan amount, the SBA guaranteed $60,435.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had only one employee. The SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
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.
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