Franklinville, New York Business Gets SBA-Guaranteed Funding from Five Star Bank

Five Star Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Franklinville, New York was an essential business goal for this firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Five Star Bank, operating out of Warsaw, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: TRUCKING
FRANKLINVILLE, NY 14737

SBA Loan Lender

FIVE STAR BANK
55 N MAIN ST
WARSAW, NY 14569

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4213 - Trucking

NAICS Code

484121 - General Long-Distance Freight Trucking

Loan Approval Date

12/31/2002

Loan Approval Gross Amount

$142,000

Loan Approval from the SBA

Of the total $142,000 loan amount, the SBA guaranteed $120,700.

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 only one employee. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you need business start up money in Franklinville NY, you ought to talk with a local Franklinville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Franklinville 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.

Related Links:

Business Credit Evaluation

Banks in Warsaw, New York

Where to Get an SBA Loan New York