Business Loan from Wilber National Bank Given to Power, Distribution, And Specialty Transformer Manufacturing Company

Wilber National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Woodstock, New York was able to borrow $1,530,000 from Wilber National Bank. The SBA made the loan possible by guaranteeing $999,993 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: POWER, DISTRIBUTION, AND SPECIALTY TRANSFORMER MANUFACTURING
WOODSTOCK, NY 12498

SBA Loan Lender

WILBER NATIONAL BANK
PO BOX 430
ONEONTA, NY 13820

This lender issued this business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335311 - Power, Distribution, and Specialty Transformer Manufacturing

Loan Approval Date

11/26/2004

Loan Approval Gross Amount

$1,530,000

Loan Approval from the SBA

Of the total $1,530,000 loan amount, the SBA guaranteed $999,993.

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 40 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Wilber National Bank 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:

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SBA Participating Banks in Oneonta, New York

New York SBA 7A Banks