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December 22, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Book Stores Loan | ||||
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Bank Of America
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SBA Loan from Bank Of America Helps Book Stores CompanyBank 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 growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $10,500 to help grow their Olean, New York business. SBA Loan Borrower COMPANY TYPE: BOOK STORES SBA Loan Lender BANK OF AMERICA This lender processed this SBA 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 451211 - Book Stores Loan Approval Date 11/5/2004 Loan Approval Gross Amount $10,500 Loan Approval from the SBA Of the total $10,500 loan amount, the SBA guaranteed $5,250. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Microlending as a Small Business Funding Source Small Business Banks in Providence, Rhode Island
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