Getting an SBA Loan for Men's and Boys' Clothing and Furnishing Wholesalers

Looking for business loans for men's and boys' clothing and furnishing wholesalers? Talk to a banker who works with the SBA. This $133,000 men's and boys' clothing and furnishing wholesalers loan was issued by a New York bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Yorktown Hts, New York was able to borrow $133,000 from Putnam County Savings Bank. The SBA made the loan possible by guaranteeing $99,750 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: MEN'S AND BOYS' CLOTHING AND FURNISHINGS
YORKTOWN HTS, NY 10598

SBA Loan Lender

PUTNAM COUNTY SAVINGS BANK
2477 RTE 6
BREWSTER, NY 10509

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5136 - Men's and Boys' Clothing and Furnishings

NAICS Code

422320 - Men's and Boys' Clothing and Furnishing Wholesalers

Loan Approval Date

5/31/2000

Loan Approval Gross Amount

$133,000

Loan Approval from the SBA

Of the total $133,000 loan amount, the SBA guaranteed $99,750.

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 3 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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. Putnam County Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Putnam County Savings Bank 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:

Business Incubators

SBA Participating Banks in Brewster, New York

Getting an SBA Loan in New York