Riverhead, New York Bank Gives SBA Loan to Nonchocolate Confectionery Manufacturing Company

Thinking about meeting with a Riverhead, New York bank about a business loan? Here's one New York business loan, issued by a Riverhead bank, that was approved by the SBA.

Applying for an SBA loan with Suffolk Cnty National Bank - Riverh worked out well for our friends at one local company in Ronkonkoma, New York. The business was able to get an SBA loan for $265,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: NONCHOCOLATE CONFECTIONERY MANUFACTURING
RONKONKOMA, NY 11779

SBA Loan Lender

SUFFOLK CNTY NATIONAL BANK - RIVERH
4 W 2ND ST
RIVERHEAD, NY 11901

The lender provided this SBA small business loan 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

311340 - Nonchocolate Confectionery Manufacturing

Loan Approval Date

5/1/2007

Loan Approval Gross Amount

$265,000

Loan Approval from the SBA

Of the total $265,000 loan amount, the SBA guaranteed $132,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 8 existing jobs.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Suffolk Cnty National Bank - Riverh and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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