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April 28, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > San Jose, Business Loans > Wells Fargo Bank San Jose Business Loans > Motor Vehicle Dealers Loan | ||||
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Small Business Banks That Lend to New York Entrepreneurs
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Elmira, New York Entrepreneur Gets an SBA LoanSBA loans in New York are tough to come by these days. We take a look at one New York SBA loan, provided by a California bank, that was approved by the SBA. Getting a small business loan in Elmira, New York was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Wells Fargo Bank. Here are the details on this New York small business loan. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE DEALERS SBA Loan Lender WELLS FARGO BANK The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 441229 - Motor Vehicle Dealers Loan Approval Date 9/27/2004 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Wells Fargo 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: Obtaining Funding From a Venture Capitalist Where to Get an SBA Loan in San Jose, California
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