Chemung Canal Trust Company SBA Loan to Car Washes Company

An SBA loan from Chemung Canal Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Painted Post, New York business owner got a $500,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Painted Post, New York was able to borrow $500,000 from Chemung Canal Trust Company. The SBA made the loan possible by guaranteeing $375,000 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
PAINTED POST, NY 14870

SBA Loan Lender

CHEMUNG CANAL TRUST COMPANY
ONE CHEMUNG CANAL PLZ
ELMIRA, NY 14902

This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

11/28/2005

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 24 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Chemung Canal Trust Company are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Credit Evaluation

Best Banks for Small Business in Elmira, New York

Browse All Business Loan Sources for New York