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May 14, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Amherst, Business Loans > Manufacturers & Traders Trust Amherst Business Loans > Engineering Services Loan | ||||
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New York Small Business Funding
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Get an SBA Loan for Engineering ServicesLooking for small business loans for engineering services? Talk to a banker who works with the SBA. This $90,500 engineering services loan was issued by a New York bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Alden, New York was able to borrow $90,500 from Manufacturers & Traders Trust. The SBA made the loan possible by guaranteeing $76,925 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: ENGINEERING SERVICES SBA Loan Lender MANUFACTURERS & TRADERS TRUST This was a Low Documentation SBA loan. The SBA created this program to limit 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. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8711 - Engineering Services NAICS Code 541330 - Engineering Services Loan Approval Date 9/15/2003 Loan Approval Gross Amount $90,500 Loan Approval from the SBA Of the total $90,500 loan amount, the SBA guaranteed $76,925. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 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? Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Advice on Getting a Small Business Loan SBA 7A Banks in Amherst, New York
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