Rochester, New York Entrepreneur Gets a Small Business Loan

Small business loans in New York are tough to come by these days. We take a look at one New York small business loan, provided by a New York bank, that was approved by the SBA.

Getting a small business loan in Rochester, New York was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Canandaigua National Bank & Trust. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
ROCHESTER, NY 14606

SBA Loan Lender

CANANDAIGUA NATIONAL BANK & TRUST
72 S MAIN ST
CANANDAIGUA, NY 14424

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

5/21/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 35 employees. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or need money for an existing business, an SBA loan can be a great funding source

We can help you find the best banks for small businesses in Rochester or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

The Art of Bootstrapping

Small Business Banks in Canandaigua, New York

SBA New York Lenders