New York Business Loan Issued to Used Car Dealers Company
New YorkBusiness loans are available to New York business owners through the SBA. In this case, a Rhode Island bank provides the loan.
By giving the right information to Bank Of America, this Warrensburg (census Name For W, New York business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: USED CAR DEALERS
WARRENSBURG (CENSUS NAME FOR W, NY 12885
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
441120 - Used Car Dealers
Loan Approval Date
8/8/2003
Loan Approval Gross Amount
$36,000
Loan Approval from the SBA
Of the total $36,000 loan amount, the SBA guaranteed $18,000.
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 7 employees. This SBA loan request indicated that the loan would help retain 7 existing jobs.
Getting an SBA Loan For Your Business
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of America and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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:
Attracting Investors
SBA 7A Banks for Providence, Rhode Island Loans
Rhode Island SBA 7A Banks