Cato, New York Business Gets SBA-Guaranteed Funding from Hsbc Bank Usa

An SBA loan from Hsbc Bank Usa typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cato, New York business owner got a $146,300 loan.

This growing company knew how to go about getting a business bank loan. Based in Cato, New York, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Hsbc Bank Usa, based in Syracuse, New York.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
CATO, NY 13033

SBA Loan Lender

HSBC BANK USA
360 S WARREN ST
SYRACUSE, NY 13202

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

2/11/2005

Loan Approval Gross Amount

$146,300

Loan Approval from the SBA

Of the total $146,300 loan amount, the SBA guaranteed $124,355.

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 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 4 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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