New York Bank Loan Issued to Reupholstery And Furniture Repair Company
New YorkBusiness loans are available to New York business owners through the SBA. In this case, a New Jersey bank provides the loan.
This small business, based in Jamaica, 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 Unity Bank. We've got the inside scoop on this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: REUPHOLSTERY AND FURNITURE REPAIR
JAMAICA, NY 11435
SBA Loan Lender
UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811420 - Reupholstery and Furniture Repair
Loan Approval Date
9/16/2004
Loan Approval Gross Amount
$900,000
Loan Approval from the SBA
Of the total $900,000 loan amount, the SBA guaranteed $675,000.
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 7 employees. This SBA loan request indicated that the loan would help retain 7 existing jobs.
Next Steps for Getting an SBA Loan
If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Unity Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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