Albany, New York Lender Lends Money to Retail Bakeries Company

Thinking about meeting with an Albany, New York bank about an SBA loan? Here's one New York business loan, issued by an Albany bank, that was approved by the SBA.

Applying for an SBA loan with New York Business Devel Corp worked out well for our friends at one local firm in North Creek, New York. They received an SBA loan for $37,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: RETAIL BAKERIES
NORTH CREEK, NY 12853

SBA Loan Lender

NEW YORK BUSINESS DEVEL CORP
50 BEAVER STREET, P.O. BOX 73
ALBANY, NY 12201

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5461 - Retail Bakeries

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

4/10/2001

Loan Approval Gross Amount

$37,000

Loan Approval from the SBA

Of the total $37,000 loan amount, the SBA guaranteed $31,450.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in North Creek NY, you ought to talk with a local North Creek SBA lender or talk with an out-of-area SBA lender that has previously loaned money to North Creek businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. New York Business Devel Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, New York Business Devel Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Obtaining Funding - How to Decide How Much to Raise

SBA Banks in Albany, New York

New York SBA 7A Lenders