Albany, New York Bank Gives SBA Loan to Automotive Body, Paint, And Interior Repair And Maintenance Company

Want to talk with an Albany, New York bank about a small business loan? Here's one New York business loan, issued by an Albany bank, that was approved by the SBA.

Applying for an SBA loan with New York Business Devel Corp worked out well for our friends at one local business in Nanuet, New York. The business was able to get an SBA loan for $1,550,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
NANUET, NY 10954

SBA Loan Lender

NEW YORK BUSINESS DEVEL CORP
50 BEAVER STREET, P.O. BOX 73
ALBANY, NY 12201

This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

12/5/2005

Loan Approval Gross Amount

$1,550,000

Loan Approval from the SBA

Of the total $1,550,000 loan amount, the SBA guaranteed $1,162,500.

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 22 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like New York Business Devel Corp are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Alternative Financing

Small Bank Loans in Albany, New York

Browse All Business Loan Sources for New York