Local Business Gets a New York Bank Loan

Would a New York business loan help your company expand? If so, you may want to talk with this Rhode Island bank, which offers SBA loans to New York entrepreneurs.

This company, based in Farmingdale, New York, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Home Loan Invest Bank F.S.B.. We've got the inside scoop on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: UNSUPPORTED PLASTICS FILM AND SHEET MANUFACTURING
FARMINGDALE, NY 11735

SBA Loan Lender

HOME LOAN INVEST BANK F.S.B.
1 HOME LOAN PLAZA, STE 3
WARWICK, RI 02886

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

326113 - Unsupported Plastics Film and Sheet Manufacturing

Loan Approval Date

10/3/2005

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 80 employees. The loan application indicated that the loan would help retain 80 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Home Loan Invest Bank F.S.B. and they will explain how you can get an SBA loan for your company.

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:

Raising Venture Capital

Where to Get an SBA Loan in Warwick, Rhode Island

Rhode Island SBA Bank Lenders