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May 18, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Utica, Business Loans > Manufacturers & Traders Trust Utica Business Loans > Automotive Body, Paint, And Interior Repair And Maintenance Loan | ||||
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Utica, New York Bank Loan
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SBA Loans for Automotive Body, Paint, and Interior Repair and MaintenanceLooking for SBA loans for automotive body, paint, and interior repair and maintenance? Try the SBA. This $50,000 automotive body, paint, and interior repair and maintenance loan was issued by a New York bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Utica, New York was able to borrow $50,000 from Manufacturers & Traders Trust. The SBA made the loan possible by guaranteeing $42,500 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE SBA Loan Lender MANUFACTURERS & TRADERS TRUST This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 5/11/2005 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for a new 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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Manufacturers & Traders Trust are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: How Much Venture Capital Is There? Good Banks for Small Business in Utica, New York
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