Depew, New York Business Gets SBA-Guaranteed Funding from Hsbc Bank Usa
Hsbc Bank Usa is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans.
Getting a small business loan in Depew, New York was an essential business goal for this small business back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Hsbc Bank Usa, operating out of Buffalo, New York. Here are the details on this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
DEPEW, NY 14043
SBA Loan Lender
HSBC BANK USA
ONE HSBC CTR
BUFFALO, NY 14203
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
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
722110 - Full-Service Restaurants
Loan Approval Date
1/9/2007
Loan Approval Gross Amount
$61,400
Loan Approval from the SBA
Of the total $61,400 loan amount, the SBA guaranteed $30,700.
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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.
Next Steps for Getting an SBA Loan
If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Hsbc Bank Usa and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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:
Business Incubators
Who Lends Money to Small Businesses in Buffalo, New York
Getting a Business Loan in New York