Entrepreneur Works With Cortland, New York Bank to Get an SBA Loan

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

Applying for an SBA loan with Alliance Bank worked out well for our friends at one local company in Cortland, New York. The business was able to get an SBA loan for $175,000. Great job!

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE AND APPAREL TRIMMINGS
CORTLAND, NY 13045

SBA Loan Lender

ALLIANCE BANK
65 MAIN ST
CORTLAND, NY 13045

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2396 - Automotive and Apparel Trimmings

Loan Approval Date

10/16/2000

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 30 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We can help you find the best banks for small businesses in Cortland or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Small Business Credit Cards

Small Bank Loans in Cortland, New York

SBA Lenders in New York