Local Business Gets a New York Bank Loan
Business loans in New York are hard to find these days. We take a look at one New York business loan, provided by a New York bank, that was approved by the SBA.
Getting a small business loan in Chaumont, New York was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from New York Business Devel Corp. Here are the details on this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: AUTO AND HOME SUPPLY STORES
CHAUMONT, NY 13622
SBA Loan Lender
NEW YORK BUSINESS DEVEL CORP
50 BEAVER STREET, P.O. BOX 73
ALBANY, NY 12201
This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began 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.
SIC Code
5531 - Auto and Home Supply Stores
NAICS Code
441310 - Automotive Parts and Accessories Stores
Loan Approval Date
8/28/2003
Loan Approval Gross Amount
$185,000
Loan Approval from the SBA
Of the total $185,000 loan amount, the SBA guaranteed $138,750.
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 3 employees. This SBA loan request did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. New York Business Devel Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, New York Business Devel Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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 - Friends and Family
SBA 7A Banks in Albany, New York
Getting an SBA Loan in New York