Where to Get Capital for Building Finishing Contractors

With these SBA loans for building finishing contractors, the SBA guarantees the lender that the loan will be repaid. This building finishing contractors loan for $200,000 was given to a New York entrepreneur in 2004.

This small business knew how to go about getting a business bank loan. Based in Commack, New York, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Citibank, based in New York City, New York.

SBA Loan Borrower

COMPANY TYPE: BUILDING FINISHING CONTRACTORS
COMMACK, NY 11725

SBA Loan Lender

CITIBANK
1 COURT SQ
NEW YORK CITY, NY 11120

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

238390 - Building Finishing Contractors

Loan Approval Date

6/29/2004

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $100,000.

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 31 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 31 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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