Engineering Services Bank Loans
With these bank loans for engineering services, the SBA guarantees the lender that the loan will be repaid. This engineering services loan for $525,000 was given to a New York entrepreneur in 2006.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lynbrook, New York was able to borrow $525,000 from Banco Popular North America. The SBA made the loan possible by guaranteeing $393,750 of this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: ENGINEERING SERVICES
LYNBROOK, NY 11563
SBA Loan Lender
BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
541330 - Engineering Services
Loan Approval Date
2/9/2006
Loan Approval Gross Amount
$525,000
Loan Approval from the SBA
Of the total $525,000 loan amount, the SBA guaranteed $393,750.
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 8 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 8 existing jobs.
Next Steps for Getting an SBA Loan
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.
This SBA loan was for $525,000. How would you spend $525,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.
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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