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Genesee Regional Bank Gives Business Loan to Waste Collection Company

New YorkBank loans are available to New York firms through the SBA. In this case, a New York bank provides the loan.

By giving the right information to Genesee Regional Bank, this Scottsville, New York business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: WASTE COLLECTION
SCOTTSVILLE, NY 14546

SBA Loan Lender

GENESEE REGIONAL BANK
3380 MONROE AVE
ROCHESTER, NY 14618

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

562119 - Waste Collection

Loan Approval Date

6/4/2007

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. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

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.

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