SBA Loan from The Adirondack Trust Company Helps Drawing And Insulating Of Nonferrous Wire Company

An SBA loan from The Adirondack Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Saratoga, New York business owner got a $30,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Saratoga, New York was able to borrow $30,000 from The Adirondack Trust Company. The SBA made the loan possible by guaranteeing $25,500 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: DRAWING AND INSULATING OF NONFERROUS WIRE
SARATOGA, NY 12866

SBA Loan Lender

THE ADIRONDACK TRUST COMPANY
473 BROADWAY
SARATOGA SPRINGS, NY 12866

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3357 - Drawing and Insulating of Nonferrous Wire

NAICS Code

335921 - Fiber Optic Cable Manufacturing

Loan Approval Date

5/20/2002

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 4 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great source of funding.

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:

Debt Financing

SBA Approved Banks in Saratoga Springs, New York

New York SBA Banks