SBA Loan from Bank Of America Helps Nail Salons Company
Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a New York entrepreneur was able to get a loan to take a small business to the next level.
Getting a small business loan in Deer Park, New York was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Providence, Rhode Island. Here are the details on this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: NAIL SALONS
DEER PARK, NY 11729
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This lender processed this debt financing 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
812113 - Nail Salons
Loan Approval Date
12/13/2004
Loan Approval Gross Amount
$15,500
Loan Approval from the SBA
Of the total $15,500 loan amount, the SBA guaranteed $7,750.
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 3 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
Every year, the SBA guarantees over $10 billion for loans just like this one.
If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of America so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
Determining Proper Capital Structure for a Business
SBA 7A Banks in Providence, Rhode Island
SBA Rhode Island Banks