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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Instrument Manufacturing For Measuring And Testing Electric Devices Loan | ||||
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Bank Of America Small Business Loan
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Financing for Instrument Manufacturing for Measuring and Testing Electric DevicesLooking for loans for instrument manufacturing for measuring and testing electric devices? An SBA loan may be just what you've been looking for. This $150,000 instrument manufacturing for measuring and testing electric devices loan was issued by a Rhode Island bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ronkonkoma, New York was able to borrow $150,000 from Bank Of America. The SBA made the loan possible by guaranteeing $75,000 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: INSTRUMENT MANUFACTURING FOR MEASURING AND TESTING ELECTRIC DEVICES SBA Loan Lender BANK OF AMERICA This SBA small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. 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 334515 - Instrument Manufacturing for Measuring and Testing Electric Devices Loan Approval Date 1/23/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. 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 8 employees. The SBA loan application for the borrower indicated that the loan would help generate 8 new jobs and retain 8 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: How Much Venture Capital Is There? Where to Get an SBA Loan in Providence, Rhode Island
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