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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Glens Falls, Business Loans > Glens Falls National Bank & Trust Glens Falls Business Loans > Gift, Novelty, And Souvenir Stores Loan | ||||
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Glens Falls National Bank & Trust SBA Loans Lake George
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SBA Loan from Glens Falls National Bank & Trust Helps Gift, Novelty, And Souvenir Stores CompanyGlens Falls National Bank & Trust has a track record as a leading provider of SBA loans. Find out how this New York entrepreneur received an SBA loan from them. This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Glens Falls National Bank & Trust, out of Glens Falls, New York. The loan was granted and they received $245,000 to help grow their Lake George, New York business. SBA Loan Borrower COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES SBA Loan Lender GLENS FALLS NATIONAL BANK & TRUST The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 10/23/2003 Loan Approval Gross Amount $245,000 Loan Approval from the SBA Of the total $245,000 loan amount, the SBA guaranteed $122,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. 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: How Much Venture Capital Is There? Banks in Glens Falls, New York
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