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April 29, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > New York City, Business Loans > Progressive Cu New York City Business Loans > Motion Picture And Video Tape Production Loan | ||||
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Progressive Cu
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Long Island City, New York Business Gets SBA-Guaranteed Funding from Progressive CuProgressive Cu and the SBA work together to get business loans for growing small businesses. Here's an example of how a New York entrepreneur was able to get a loan to take a small business to the next level. This small firm knew how to go about getting a business bank loan. Based in Long Island City, New York, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Progressive Cu, based in New York City, New York. SBA Loan Borrower COMPANY TYPE: MOTION PICTURE AND VIDEO TAPE PRODUCTION SBA Loan Lender PROGRESSIVE CU This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7812 - Motion Picture and Video Tape Production NAICS Code 512110 - Motion Picture and Video Production Loan Approval Date 10/20/2000 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $60,000. 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 8 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Progressive Cu so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Best Banks for Small Business in New York City, New York
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