Entrepreneur Works With Saratoga Springs, New York Bank to Get an SBA Loan

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

Applying for an SBA loan with Saratoga National Bank & Trust worked out well for our friends at one local business in Saratoga Springs, New York. They got an SBA loan for $90,000. Nice!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SARATOGA SPRINGS, NY 12866

SBA Loan Lender

SARATOGA NATIONAL BANK & TRUST
171 S BROADWAY
SARATOGA SPRINGS, NY 12866

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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/10/2002

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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 7 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Saratoga Springs NY, you ought to talk with a local Saratoga Springs SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Saratoga Springs businesses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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 Saratoga Springs, New York

Getting an SBA Loan in New York