Business Loan from Pathfinder Bank Given to Automotive Oil Change And Lubrication Shops Company
Pathfinder 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.
This growing company knew how to go about getting a business bank loan. Based in Fulton, New York, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Pathfinder Bank, based in Oswego, New York.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE OIL CHANGE AND LUBRICATION SHOPS
FULTON, NY 13069
SBA Loan Lender
PATHFINDER BANK
214 W 1ST ST
OSWEGO, NY 13126
This lender issued this loan for a small business under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811191 - Automotive Oil Change and Lubrication Shops
Loan Approval Date
1/9/2007
Loan Approval Gross Amount
$142,500
Loan Approval from the SBA
Of the total $142,500 loan amount, the SBA guaranteed $121,125.
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 12 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Pathfinder Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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.
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Who Lends Money to Small Businesses in Oswego, New York
New York SBA 7A Lenders