Entrepreneur Works With Olean, New York Bank to Get an SBA Loan

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

Applying for an SBA loan with Five Star Bank worked out well for our friends at one local company in Naples, New York. They received an SBA loan for $68,800. Awesome!

SBA Loan Borrower

COMPANY TYPE: CLOTHING STORES
NAPLES, NY 14512

SBA Loan Lender

FIVE STAR BANK
129 N UNION ST
OLEAN, NY 14760

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448190 - Clothing Stores

Loan Approval Date

11/5/2007

Loan Approval Gross Amount

$68,800

Loan Approval from the SBA

Of the total $68,800 loan amount, the SBA guaranteed $58,480.

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 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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.

Related Links:

Accountant's Role in Securing Financing

SBA 7A Banks in Olean, New York

New York SBA Banks