Financing for Collection Agencies
With these loans for collection agencies, the SBA guarantees the lender that the loan will be repaid. This collection agencies loan for $50,000 was given to a New York entrepreneur in 2006.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Commack, New York was able to borrow $50,000 from Citibank. The SBA made the loan possible by guaranteeing $25,000 of this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: COLLECTION AGENCIES
COMMACK, NY 11725
SBA Loan Lender
CITIBANK
1 COURT SQ
NEW YORK CITY, NY 11120
This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
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
561440 - Collection Agencies
Loan Approval Date
8/29/2006
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $25,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 10 employees. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 10 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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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