Business Loan from Five Star Bank Given to Full-Service Restaurants Company

An SBA loan from Five Star Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Lancaster, New York business owner got a $181,100 loan.

Getting a small business loan in Lancaster, New York was an essential business goal for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Five Star Bank, operating out of Warsaw, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
LANCASTER, NY 14086

SBA Loan Lender

FIVE STAR BANK
55 N MAIN ST
WARSAW, NY 14569

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/30/2004

Loan Approval Gross Amount

$181,100

Loan Approval from the SBA

Of the total $181,100 loan amount, the SBA guaranteed $135,825.

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 8 employees. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 8 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a company in Lancaster NY, you ought to talk with a local Lancaster SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lancaster businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Five Star Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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