Mount Vernon, New York Business Gets SBA-Guaranteed Funding from Carver Federal Savings Bank

An SBA loan from Carver Federal Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mount Vernon, New York business owner got a $175,000 loan.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Carver Federal Savings Bank, out of New York City, New York. The loan was granted and they received $175,000 to help grow their Mount Vernon, New York business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MOUNT VERNON, NY 10550

SBA Loan Lender

CARVER FEDERAL SAVINGS BANK
111 LIVINGSTON ST
NEW YORK CITY, NY 11201

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

722110 - Full-Service Restaurants

Loan Approval Date

10/15/2002

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the borrowed money would help create 23 new jobs.

Start the Process for Getting an SBA Loan Today!

If you need business start up money in Mount Vernon NY, you ought to talk with a local Mount Vernon SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mount Vernon businesses.

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.

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