First Niagara Bank SBA Loan to Coin-Operated Amusement Devices Company

First Niagara Bank has a track record as a leading provider of SBA loans. Find out how this New York entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ithaca, New York was able to borrow $150,000 from First Niagara Bank. The SBA made the loan possible by guaranteeing $127,500 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED AMUSEMENT DEVICES
ITHACA, NY 14850

SBA Loan Lender

FIRST NIAGARA BANK
1 N MAIN ST
CORTLAND, NY 13045

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

7993 - Coin-Operated Amusement Devices

NAICS Code

713120 - Amusement Arcades

Loan Approval Date

6/13/2003

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 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 5 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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