Jamesport, New York Business Gets SBA-Guaranteed Funding from Bank Of America
Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a New York entrepreneur was able to get a loan to take a small business to the next level.
This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $53,200 to help grow their Jamesport, New York business.
SBA Loan Borrower
COMPANY TYPE: CUSTOM COMPUTER PROGRAMMING SERVICES
JAMESPORT, NY 11947
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
541511 - Custom Computer Programming Services
Loan Approval Date
9/18/2001
Loan Approval Gross Amount
$53,200
Loan Approval from the SBA
Of the total $53,200 loan amount, the SBA guaranteed $26,600.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Of America and they will explain how you can get an SBA loan for your company.
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
Small Bank Loans in Providence, Rhode Island
Rhode Island SBA 7A Banks