Borrowing Money for Store Retailers

With these loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $65,000 was given to a New York entrepreneur in 2001.

Getting a small business loan in Palmyra, New York was important for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Community Bank, operating out of Clifton Springs, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
PALMYRA, NY 14522

SBA Loan Lender

COMMUNITY BANK
26 E MAIN ST
CLIFTON SPRINGS, NY 14432

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

NAICS Code

453998 - Store Retailers

Loan Approval Date

9/7/2001

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Bank Credit Lines

SBA Approved Banks in Clifton Springs, New York

New York SBA 7A Lenders