Vestal, New York Business Gets SBA-Guaranteed Funding from Tioga State Bank

Tioga State Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New York entrepreneur was able to get a loan to take a small business to the next level.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Tioga State Bank, out of Spencer, New York. The loan was granted and they received $106,200 to help grow their Vestal, New York business.

SBA Loan Borrower

COMPANY TYPE: CAMERA AND PHOTOGRAPHIC SUPPLIES STORES
VESTAL, NY 13851

SBA Loan Lender

TIOGA STATE BANK
1 MAIN ST
SPENCER, NY 14883

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 business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

443130 - Camera and Photographic Supplies Stores

Loan Approval Date

10/15/2004

Loan Approval Gross Amount

$106,200

Loan Approval from the SBA

Of the total $106,200 loan amount, the SBA guaranteed $90,270.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Tioga State Bank 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:

SBIR Funding

Who Lends Money to Small Businesses in Spencer, New York

New York SBA 7A Lenders