SBA Loan from Bank Of America Helps Art Dealers Company
Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a New York entrepreneur was able to get a loan to take a small business to the next level.
This small firm knew how to go about getting a business bank loan. Based in New York, New York, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Bank Of America, based in Charlotte, North Carolina.
SBA Loan Borrower
COMPANY TYPE: ART DEALERS
NEW YORK, NY 10028
SBA Loan Lender
BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
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
453920 - Art Dealers
Loan Approval Date
8/28/2007
Loan Approval Gross Amount
$84,000
Loan Approval from the SBA
Of the total $84,000 loan amount, the SBA guaranteed $42,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
Every year, the SBA guarantees over $10 billion for loans just like this one.
If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of America so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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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