Watertown, New York Bank Gives SBA Loan to Hotels And Motels Company

Thinking about meeting with a Watertown, New York bank about a business loan? Here's one New York business loan, issued by a Watertown bank, that was approved by the SBA.

Applying for an SBA loan with Redwood Bank worked out well for our friends at one local firm in Clayton, New York. The business was able to get an SBA loan for $410,000. Nice!

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
CLAYTON, NY 13624

SBA Loan Lender

REDWOOD BANK
1000 COFFEEN ST
WATERTOWN, NY 13601

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/1/2005

Loan Approval Gross Amount

$410,000

Loan Approval from the SBA

Of the total $410,000 loan amount, the SBA guaranteed $307,500.

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 documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are raising money in Clayton NY, you ought to talk with a local Clayton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Clayton businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Redwood 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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