Commercial Loans for Baked Goods Stores

With these commercial loans for baked goods stores, the SBA guarantees the lender that the loan will be repaid. This baked goods stores loan for $83,200 was given to a New York entrepreneur in 2004.

Getting a small business loan in Rome, New York was important for this business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Niagara Bank, operating out of New Hartford, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: BAKED GOODS STORES
ROME, NY 13440

SBA Loan Lender

FIRST NIAGARA BANK
41 KELLOGG RD
NEW HARTFORD, NY 13413

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

5/26/2004

Loan Approval Gross Amount

$83,200

Loan Approval from the SBA

Of the total $83,200 loan amount, the SBA guaranteed $70,720.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from First Niagara Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Startup Funding Tip

Where to Get an SBA Loan in New Hartford, New York

New York SBA 7A Lenders