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November 24, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Amherst, Business Loans > Manufacturers & Traders Trust Amherst Business Loans > Repair Shops And Related Services Loan | ||||
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New York SBA Banks
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Amherst, New York Lender Lends Money to Repair Shops And Related Services CompanyThinking about meeting with an Amherst, New York bank about a business loan? Here's one Pennsylvania business loan, issued by an Amherst bank, that was approved by the SBA. Applying for an SBA loan with Manufacturers & Traders Trust worked out well for our friends at one local company in Warriors Mark, Pennsylvania. The business was able to get an SBA loan for $70,000. Nice! SBA Loan Borrower COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender MANUFACTURERS & TRADERS TRUST This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7699 - Repair Shops and Related Services Loan Approval Date 9/13/2000 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $56,000. 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 only one employee. This SBA loan request did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding. 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 Manufacturers & Traders Trust 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: SBA Approved Banks in Amherst, New York
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