Automotive Parts and Accessories Stores Commercial Loans
Looking for commercial loans for automotive parts and accessories stores? Try the SBA. This $112,500 automotive parts and accessories stores loan was issued by a New York bank.
Getting a small business loan in Johnson City, New York was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Manufacturers & Traders Trust, operating out of Amherst, New York. Here are the details on this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: RADIO, TV, AND CONSUMER ELECTRONICS RETAILING
JOHNSON CITY, NY 13190
SBA Loan Lender
MANUFACTURERS & TRADERS TRUST
4925 MAIN ST
AMHERST, NY 14226
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5731 - Radio, TV, and Consumer Electronics Retailing
NAICS Code
441310 - Automotive Parts and Accessories Stores
Loan Approval Date
11/19/2002
Loan Approval Gross Amount
$112,500
Loan Approval from the SBA
Of the total $112,500 loan amount, the SBA guaranteed $95,625.
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 3 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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:
Strategic Investors
Banks in Amherst, New York
Getting an SBA Loan in New York