Suffolk Cnty National Bank - Riverh Gives Bank Loan to Home And Garden Equipment Repair And Maintenance Company

New YorkSBA loans are available to New York entrepreneurs through the SBA. In this case, a New York bank provides the loan.

This small business, based in Water Mill, New York, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Suffolk Cnty National Bank - Riverh. We've got the inside scoop on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: HOME AND GARDEN EQUIPMENT REPAIR AND MAINTENANCE
WATER MILL, NY 11976

SBA Loan Lender

SUFFOLK CNTY NATIONAL BANK - RIVERH
4 W 2ND ST
RIVERHEAD, NY 11901

This bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

811411 - Home and Garden Equipment Repair and Maintenance

Loan Approval Date

1/5/2007

Loan Approval Gross Amount

$10,000

Loan Approval from the SBA

Of the total $10,000 loan amount, the SBA guaranteed $5,000.

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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Suffolk Cnty National Bank - Riverh had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Suffolk Cnty National Bank - Riverh made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

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SBA 7A Banks in Riverhead, New York

Getting a Business Loan in New York