Business Loan from Alternatives Fcu Given to Full-Service Restaurants Company

Alternatives Fcu 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.

This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Alternatives Fcu, out of Ithaca, New York. The loan was granted and they received $51,928 to help grow their Dryden, New York business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
DRYDEN, NY 13053

SBA Loan Lender

ALTERNATIVES FCU
125 N FULTON ST
ITHACA, NY 14850

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/23/2004

Loan Approval Gross Amount

$51,928

Loan Approval from the SBA

Of the total $51,928 loan amount, the SBA guaranteed $44,138.

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 4 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

We've showcased information on this loan to let you know that businesses like yours 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.

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