Business Loan from Ballston Spa National Bank Given to Heating Oil Dealers Company

An SBA loan from Ballston Spa National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fort Edward, New York business owner got a $120,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Fort Edward, New York, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Ballston Spa National Bank, based in Ballston Spa, New York.

SBA Loan Borrower

COMPANY TYPE: HEATING OIL DEALERS
FORT EDWARD, NY 12828

SBA Loan Lender

BALLSTON SPA NATIONAL BANK
87 FRONT ST
BALLSTON SPA, NY 12020

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

454311 - Heating Oil Dealers

Loan Approval Date

7/6/2007

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $60,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 11 employees. This SBA loan request indicated that the loan would help retain 11 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Ballston Spa National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Ballston Spa National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Getting a Small Business Loan

Small Bank Loans in Ballston Spa, New York

Where to Get an SBA Loan New York