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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Rochester, Business Loans > Genesee Regional Bank Rochester Business Loans > Software Reproducing Loan | ||||
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Banks Doing SBA Loans in New York
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Rochester, New York Bank Gives SBA Loan to Software Reproducing CompanyThinking about meeting with a Rochester, New York bank about an SBA loan? Here's one New York business loan, issued by a Rochester bank, that was approved by the SBA. Applying for an SBA loan with Genesee Regional Bank worked out well for our friends at one local company in Fairport, New York. They got an SBA loan for $1,170,000. Way to go! SBA Loan Borrower COMPANY TYPE: SOFTWARE REPRODUCING SBA Loan Lender GENESEE REGIONAL BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA small business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 334611 - Software Reproducing Loan Approval Date 1/24/2007 Loan Approval Gross Amount $1,170,000 Loan Approval from the SBA Of the total $1,170,000 loan amount, the SBA guaranteed $877,500. 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 20 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: SBA Banks in Rochester, New York
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