Entrepreneur Works With Elmira, New York Bank to Get an SBA Loan

Get small business loans from an Elmira, New York bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too.

The Elmira Savings Bank, Fsb is a Elmira, New York small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a New York company.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ELMIRA, NY 14905

SBA Loan Lender

THE ELMIRA SAVINGS BANK, FSB
333 E WATER ST
ELMIRA, NY 14901

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/31/2005

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Elmira NY, you ought to talk with a local Elmira SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Elmira businesses.

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.

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