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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Bath, Business Loans > Five Star Bank Bath Business Loans > Coin-Operated Laundries And Drycleaning Loan | ||||
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New York Small Business Funding
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Coin-Operated Laundries and Drycleaners Business LoansLooking for business loans for coin-operated laundries and drycleaners? Try the SBA. This $99,000 coin-operated laundries and drycleaners loan was issued by a New York bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hornell, New York was able to borrow $99,000 from Five Star Bank. The SBA made the loan possible by guaranteeing $84,150 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING SBA Loan Lender FIVE STAR BANK This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7215 - Coin-Operated Laundries and Drycleaning NAICS Code 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 8/22/2001 Loan Approval Gross Amount $99,000 Loan Approval from the SBA Of the total $99,000 loan amount, the SBA guaranteed $84,150. More Information on This SBA Loan The borrower borrowed this money for an existing 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 4 employees. The SBA loan application for the borrower 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? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Five Star Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Five Star 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. Related Links: Obtaining Funding - How to Decide How Much to Raise SBA 7A Banks in Bath, New York
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