Deer Park, New York Business Gets SBA-Guaranteed Funding from Bank Of America
An SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Deer Park, New York business owner got a $50,000 loan.
This business knew how to go about getting a business bank loan. Based in Deer Park, New York, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Bank Of America, based in Providence, Rhode Island.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL CONTRACTORS
DEER PARK, NY 11729
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
The lender provided this commercial 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
235310 - Electrical Contractors
Loan Approval Date
8/22/2002
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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
If you are raising money in Deer Park NY, you ought to talk with a local Deer Park SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Deer Park businesses.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Realistic Debt Financing Options
SBA 7A Banks in Providence, Rhode Island
Getting an SBA Loan in Rhode Island