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November 24, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Buffalo, Business Loans > Hsbc Bank Usa Buffalo Business Loans > Nail Salons Loan | ||||
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Hsbc Bank Usa
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East Elmhurst, New York Business Gets SBA-Guaranteed Funding from Hsbc Bank UsaAn SBA loan from Hsbc Bank Usa typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an East Elmhurst, New York business owner got a $64,000 loan. This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Hsbc Bank Usa, out of Buffalo, New York. The loan was granted and they received $64,000 to help grow their East Elmhurst, New York business. SBA Loan Borrower COMPANY TYPE: NAIL SALONS SBA Loan Lender HSBC BANK USA 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 812113 - Nail Salons Loan Approval Date 2/17/2006 Loan Approval Gross Amount $64,000 Loan Approval from the SBA Of the total $64,000 loan amount, the SBA guaranteed $32,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help retain 3 existing jobs. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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:
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