Johnstown, New York Entrepreneur Gets an SBA Loan

SBA loans in New York are tough to come by these days. We take a look at one New York SBA loan, provided by a New York bank, that was approved by the SBA.

This business, based in Johnstown, 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 Nbt Bank, National Association. We've got the inside scoop on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
JOHNSTOWN, NY 12095

SBA Loan Lender

NBT BANK, NATIONAL ASSOCIATION
52 S BROAD ST
NORWICH, NY 13815

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

9/18/2000

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $56,000.

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 7 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Johnstown NY, you ought to talk with a local Johnstown SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Johnstown businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $70,000 loan. Remember, if it to be, it is up to me!

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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