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April 28, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Los Angeles, Business Loans > Nara Bank Los Angeles Business Loans > Nail Salons Loan | ||||
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How to Get SBA Money in New York, New York
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New York, New York Entrepreneur Gets an SBA LoanBank loans in New York are hard to find these days. We take a look at one New York bank loan, provided by a California bank, that was approved by the SBA. This business, based in New York, New York, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Nara Bank. We've got the inside scoop on this New York small business loan. SBA Loan Borrower COMPANY TYPE: NAIL SALONS SBA Loan Lender NARA BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 812113 - Nail Salons Loan Approval Date 11/30/2006 Loan Approval Gross Amount $147,000 Loan Approval from the SBA Of the total $147,000 loan amount, the SBA guaranteed $73,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 4 existing jobs. 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. 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 Nara 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: Who Lends Money to Small Businesses in Los Angeles, California
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