The Oneida Savings Bank SBA Loan to Drawing And Insulating Of Nonferrous Wire Company

The Oneida Savings Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New York entrepreneur was able to get a loan to take a small business to the next level.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with The Oneida Savings Bank, out of Chittenango, New York. The loan was granted and they received $285,000 to help grow their Camden, New York business.

SBA Loan Borrower

COMPANY TYPE: DRAWING AND INSULATING OF NONFERROUS WIRE
CAMDEN, NY 13316

SBA Loan Lender

THE ONEIDA SAVINGS BANK
101 FALLS BLVD
CHITTENANGO, NY 13037

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3357 - Drawing and Insulating of Nonferrous Wire

NAICS Code

335921 - Fiber Optic Cable Manufacturing

Loan Approval Date

7/14/2003

Loan Approval Gross Amount

$285,000

Loan Approval from the SBA

Of the total $285,000 loan amount, the SBA guaranteed $213,750.

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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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 - Getting Venture Capital

Good Banks for Small Business in Chittenango, New York

Where to Get an SBA Loan New York