Latham, New York Entrepreneur Gets an SBA Loan

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

Getting a small business loan in Latham, New York was a top priority for this SBA-financed company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from First National Bank Of Scotia. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: MANUFACTURING
LATHAM, NY 12110

SBA Loan Lender

FIRST NATIONAL BANK OF SCOTIA
201 MOHAWK AVE
SCOTIA, NY 12302

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

339999 - Manufacturing

Loan Approval Date

3/17/2006

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $55,000.

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 12 employees. The loan application indicated that the loan would help retain 12 existing jobs.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank Of Scotia had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank Of Scotia made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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