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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Utica, Business Loans > Manufacturers & Traders Trust Utica Business Loans > Motor Vehicle Supplies And New Parts Loan | ||||
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Utica, New York Bank Loan
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Commercial Loans for Motor Vehicle Supplies and New Parts WholesalersLooking for commercial loans for motor vehicle supplies and new parts wholesalers? An SBA loan may be just what you've been looking for. This $1,200,000 motor vehicle supplies and new parts wholesalers loan was issued by a New York bank. This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Manufacturers & Traders Trust, out of Utica, New York. The loan was granted and they received $1,200,000 to help grow their Utica, New York business. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS SBA Loan Lender MANUFACTURERS & TRADERS TRUST This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5013 - Motor Vehicle Supplies and New Parts NAICS Code 421120 - Motor Vehicle Supplies and New Parts Wholesalers Loan Approval Date 6/8/2000 Loan Approval Gross Amount $1,200,000 Loan Approval from the SBA Of the total $1,200,000 loan amount, the SBA guaranteed $324,000. 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 27 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Manufacturers & Traders Trust so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Advice on Getting a Small Business Loan SBA Participating Banks in Utica, New York
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