Citibank SBA Loan to Iron And Steel Forging Company

An SBA loan from Citibank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Freeport, New York business owner got a $623,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Freeport, New York, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Citibank, based in New York City, New York.

SBA Loan Borrower

COMPANY TYPE: IRON AND STEEL FORGING
FREEPORT, NY 11520

SBA Loan Lender

CITIBANK
1 COURT SQ
NEW YORK CITY, NY 11120

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332111 - Iron and Steel Forging

Loan Approval Date

8/17/2004

Loan Approval Gross Amount

$623,000

Loan Approval from the SBA

Of the total $623,000 loan amount, the SBA guaranteed $467,250.

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 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 10 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Freeport or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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

Where to Get an SBA Loan in New York City, New York

New York SBA 7A Lenders