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May 2, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Buffalo, Business Loans > Hsbc Bank Usa Buffalo Business Loans > Cottman Transmission Loan | ||||
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Business Loans for Amherst Entrepreneurs
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Loan to Buy Cottman Transmission Franchise Issued By Hsbc Bank UsaNeed money to invest in a Cottman Transmission franchise? Hsbc Bank Usa has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Cottman Transmission franchise shouldn't be too tough. In 2002, Hsbc Bank Usa issued an SBA franchise loan to an entrepreneur in Amherst, New York. Because Cottman Transmission was registered with the SBA's registry of franchises, this New York small business loan was issued on an expedited basis. SBA Loan Borrower COTTMAN TRANSMISSION SBA Loan Lender HSBC BANK USA This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7537 - Automotive Transmission Repair Shops NAICS Code 811113 - Automotive Transmission Repair Loan Approval Date 9/27/2002 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Where to Get an SBA Loan in Buffalo, New York
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