Business Loan from Citibank Given to Sports And Recreation Instruction Company
Citibank 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 2006. The lending bank was Citibank, based in New York City, New York.
SBA Loan Borrower
COMPANY TYPE: SPORTS AND RECREATION INSTRUCTION
NEW YORK, NY 11235
SBA Loan Lender
CITIBANK
1 COURT SQ
NEW YORK CITY, NY 11120
This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
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
611620 - Sports and Recreation Instruction
Loan Approval Date
5/18/2006
Loan Approval Gross Amount
$21,000
Loan Approval from the SBA
Of the total $21,000 loan amount, the SBA guaranteed $10,500.
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 8 employees. The SBA loan documents indicated that the loan would help generate 6 new jobs and retain 8 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Citibank 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.
Related Links:
Small Business Credit Cards
SBA Participating Banks in New York City, New York
Find an SBA Lender in New York