Manufacturers & Traders Trust SBA Loan to Speed Changers, Industrial Drives And Gears Company

Manufacturers & Traders Trust is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Syracuse, New York was able to borrow $594,000 from Manufacturers & Traders Trust. The SBA made the loan possible by guaranteeing $445,500 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: SPEED CHANGERS, INDUSTRIAL DRIVES AND GEARS
SYRACUSE, NY 13204

SBA Loan Lender

MANUFACTURERS & TRADERS TRUST
431 E FAYETTE ST
SYRACUSE, NY 13202

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3566 - Speed Changers, Industrial Drives and Gears

NAICS Code

333612 - Speed Changer, Industrial High-Speed Drive, and Gear Manufacturing

Loan Approval Date

7/10/2000

Loan Approval Gross Amount

$594,000

Loan Approval from the SBA

Of the total $594,000 loan amount, the SBA guaranteed $445,500.

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 34 employees. This SBA loan request indicated that the loan would help retain 34 existing jobs.

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

If you are raising money in Syracuse NY, you ought to talk with a local Syracuse SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Syracuse businesses.

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 Manufacturers & Traders Trust 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:

Small Business Credit Cards

SBA Banks in Syracuse, New York

SBA New York Banks