Small Business Loans for Soybean Farming

Looking for small business loans for soybean farming? Try the SBA. This $250,000 soybean farming loan was issued by a New York bank.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with The Bank Of Castile, out of Castile, New York. The loan was granted and they received $250,000 to help grow their Perry, New York business.

SBA Loan Borrower

COMPANY TYPE: SOYBEAN FARMING
PERRY, NY 14530

SBA Loan Lender

THE BANK OF CASTILE
50 N MAIN ST
CASTILE, NY 14427

The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

111110 - Soybean Farming

Loan Approval Date

3/22/2002

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $125,000.

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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

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

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:

SBIR Funding

SBA 7A Banks for Castile, New York Loans

New York SBA Banks