Raising Money for Power, Distribution, and Specialty Transformer Manufacturing

Looking for business loans for power, distribution, and specialty transformer manufacturing? The SBA may be the answer. This $87,875 power, distribution, and specialty transformer manufacturing loan was issued by a New York bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Canisteo, New York was able to borrow $87,875 from Five Star Bank. The SBA made the loan possible by guaranteeing $70,300 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: POWER, DISTRIBUTION, AND SPECIALTY TRANSFORMERS
CANISTEO, NY 14823

SBA Loan Lender

FIVE STAR BANK
44 LIBERTY ST
BATH, NY 14810

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3612 - Power, Distribution, and Specialty Transformers

NAICS Code

335311 - Power, Distribution, and Specialty Transformer Manufacturing

Loan Approval Date

9/27/2000

Loan Approval Gross Amount

$87,875

Loan Approval from the SBA

Of the total $87,875 loan amount, the SBA guaranteed $70,300.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the business promised to use the money to add employees or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Five Star Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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