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May 2, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > New York City, Business Loans > The Bank Of New York New York City Business Loans > Retail Stores Loan | ||||
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Requirements for Entrepreneurs On Getting a Loan
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Small Business Loans for Cosmetics, Beauty Supplies, and Perfume StoresWith these small business loans for cosmetics, beauty supplies, and perfume stores, the SBA guarantees the lender that the loan will be repaid. This cosmetics, beauty supplies, and perfume stores loan for $150,000 was given to a New York entrepreneur in 2001. Getting a small business loan in New York, New York was important for this growing firm back in 2001 and, based on their loan application, they were successful in getting an SBA loan from The Bank Of New York, operating out of New York City, New York. Here are the details on this New York small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender THE BANK OF NEW YORK 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 5999 - Retail Stores NAICS Code 446120 - Cosmetics, Beauty Supplies, and Perfume Stores Loan Approval Date 6/18/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the small business promised to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Determining Proper Capital Structure for a Business Best New York City, New York Banks for Small Business
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