Local Business Gets a New York SBA Loan

New YorkBusiness loans are available to New York business owners through the SBA. In this case, a New York bank provides the loan.

This small business, based in Grand Gorge, 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 Nbt Bank, National Association. We've got the inside scoop on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
GRAND GORGE, NY 12434

SBA Loan Lender

NBT BANK, NATIONAL ASSOCIATION
52 S BROAD ST
NORWICH, NY 13815

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/15/2000

Loan Approval Gross Amount

$46,000

Loan Approval from the SBA

Of the total $46,000 loan amount, the SBA guaranteed $36,800.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This SBA loan was for $46,000. How would you spend $46,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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 Line of Credit

Best Banks in Norwich, New York

Getting a Business Loan in New York