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May 11, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Warsaw, Business Loans > Five Star Bank Warsaw Business Loans > Used Merchandise Stores Loan | ||||
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New York SBA Loans from Five Star Bank
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Arcade, New York Business Gets SBA-Guaranteed Funding from Five Star BankFive Star Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Arcade, New York was able to borrow $90,000 from Five Star Bank. The SBA made the loan possible by guaranteeing $76,500 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: USED MERCHANDISE STORES SBA Loan Lender FIVE STAR BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5932 - Used Merchandise Stores NAICS Code 453310 - Used Merchandise Stores Loan Approval Date 5/30/2003 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great way to raise money This SBA loan was for $90,000. How would you spend $90,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: SBA 7A Lenders in Warsaw, New York
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