Where to Get Capital for Formal Wear and Costume Rental

With these small business loans for formal wear and costume rental, the SBA guarantees the lender that the loan will be repaid. This formal wear and costume rental loan for $125,000 was given to a New York entrepreneur in 2007.

This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with First National Bank Of Scotia, out of Scotia, New York. The loan was granted and they received $125,000 to help grow their Schenectady, New York business.

SBA Loan Borrower

COMPANY TYPE: FORMAL WEAR AND COSTUME RENTAL
SCHENECTADY, NY 12303

SBA Loan Lender

FIRST NATIONAL BANK OF SCOTIA
201 MOHAWK AVE
SCOTIA, NY 12302

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

532220 - Formal Wear and Costume Rental

Loan Approval Date

6/26/2007

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $62,500.

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 2 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 2 existing jobs.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First National Bank Of Scotia and they will explain how you can get an SBA loan for your company.

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:

Bank Credit Lines

Banks in Scotia, New York

Getting an SBA Loan in New York