SBA Loan from Fulton Savings Bank Helps Hardware Company

An SBA loan from Fulton Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Hastings, New York business owner got a $150,000 loan.

Getting a small business loan in Hastings, New York was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Fulton Savings Bank, operating out of Fulton, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: HARDWARE
HASTINGS, NY 13126

SBA Loan Lender

FULTON SAVINGS BANK
75 S 1ST ST
FULTON, NY 13069

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5072 - Hardware

NAICS Code

444130 - Hardware Stores

Loan Approval Date

12/11/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 8 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Fulton Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Fulton Savings 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.

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