Local Business Gets a New York Small Business Loan

New YorkBusiness loans are available to New York business owners through the SBA. In this case, a Texas bank provides the loan.

By giving the right information to Jpmorgan Chase Bank, this Whitestone, 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: MEN'S AND BOYS' CLOTHING AND FURNISHINGS MERCHANT WHOLESALERS
WHITESTONE, NY 11357

SBA Loan Lender

JPMORGAN CHASE BANK
811 RUSK ST., 16TH FL
HOUSTON, TX 77002

This SBA small business 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

424320 - Men's and Boys' Clothing and Furnishings Merchant Wholesalers

Loan Approval Date

7/6/2007

Loan Approval Gross Amount

$101,200

Loan Approval from the SBA

Of the total $101,200 loan amount, the SBA guaranteed $50,600.

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 4 employees. This SBA loan request indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $101,200 loan. Remember, feel the fear, and do it anyway.

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:

Understanding Dilution

SBA Approved Banks in Houston, Texas

Getting a Business Loan in Texas