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November 14, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Canton, Business Loans > Community Bank Canton Business Loans > Accounting, Auditing, And Bookkeeping Services Loan | ||||
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Community Bank
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Silver Creek, New York Business Gets SBA-Guaranteed Funding from Community BankCommunity Bank has a track record as a leading provider of SBA loans. Find out how this New York entrepreneur received an SBA loan from them. This business knew how to go about getting a business bank loan. Based in Silver Creek, New York, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Community Bank, based in Canton, New York. SBA Loan Borrower COMPANY TYPE: ACCOUNTING, AUDITING, AND BOOKKEEPING SERVICES SBA Loan Lender COMMUNITY BANK This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8721 - Accounting, Auditing, and Bookkeeping Services NAICS Code 541211 - Certified Public Accountants Loan Approval Date 7/22/2002 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. 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 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Where to Get an SBA Loan in Canton, New York Browse All Business Loan Sources for New York
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