Financing for Custom Computer Programming Services
With these loans for custom computer programming services, the SBA guarantees the lender that the loan will be repaid. This custom computer programming services loan for $25,000 was given to a New York entrepreneur in 2000.
This small firm knew how to go about getting a business bank loan. Based in New York, New York, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Citibank, based in New York City, New York.
SBA Loan Borrower
COMPANY TYPE: COMPUTER PROGRAMMING SERVICES
NEW YORK, NY 10018
SBA Loan Lender
CITIBANK
1 COURT SQ
NEW YORK CITY, NY 11120
This debt financing was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
SIC Code
7371 - Computer Programming Services
NAICS Code
541511 - Custom Computer Programming Services
Loan Approval Date
7/3/2000
Loan Approval Gross Amount
$25,000
Loan Approval from the SBA
Of the total $25,000 loan amount, the SBA guaranteed $12,500.
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 8 employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 8 existing jobs.
Next Steps for Getting an SBA Loan
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Citibank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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:
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