Olean, New York Bank Lends Money to Lawyers Company in Palmyra, New York

Find Olean, New York banks that specialize in business loans and know how to work with entrepreneurs. Five Star Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Palmyra, New York starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Five Star Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: LAWYERS
PALMYRA, NY 14522

SBA Loan Lender

FIVE STAR BANK
129 N UNION ST
OLEAN, NY 14760

This lender processed this loan for a small business 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

541110 - Lawyers

Loan Approval Date

7/21/2006

Loan Approval Gross Amount

$21,500

Loan Approval from the SBA

Of the total $21,500 loan amount, the SBA guaranteed $10,750.

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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $21,500 loan. Remember, if it to be, it is up to me!

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.

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