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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > New York, Business Loans > Grow America Fund Inc New York Business Loans > Clothing Accessories Stores Loan | ||||
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Grow America Fund Inc
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Business Loan from Grow America Fund Inc Given to Clothing Accessories Stores CompanyGrow America Fund Inc is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans. 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 2004. The lending bank was Grow America Fund Inc, based in New York, New York. SBA Loan Borrower COMPANY TYPE: CLOTHING ACCESSORIES STORES SBA Loan Lender GROW AMERICA FUND INC 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 448150 - Clothing Accessories Stores Loan Approval Date 5/27/2004 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $187,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help generate 7 new jobs and retain 7 existing jobs. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Best Banks in New York, New York
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