Loan Census Banking News and Information
December 22, 2024  
 
 
  Business Loan Information  
 

New York SBA 7A Lenders

 

 
Loan Census SBA Loan Info

Fulton, New York Lender Lends Money to Hotels And Motels Company

Thinking about meeting with a Fulton, New York bank about a small business loan? Here's one New York business loan, issued by a Fulton bank, that was approved by the SBA.

Applying for an SBA loan with Fulton Savings Bank worked out well for our friends at one local firm in Vienna, New York. The business was able to get an SBA loan for $265,500. Awesome!

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
VIENNA, NY 13308

SBA Loan Lender

FULTON SAVINGS BANK
75 S 1ST ST
FULTON, NY 13069

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 7A 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

7011 - Hotels and Motels

NAICS Code

721199 - Traveler Accommodation

Loan Approval Date

12/11/2002

Loan Approval Gross Amount

$265,500

Loan Approval from the SBA

Of the total $265,500 loan amount, the SBA guaranteed $199,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in Vienna or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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