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May 14, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Hornell, Business Loans > Five Star Bank Hornell Business Loans > General Contracting For Nonresidential Buildings Loan | ||||
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NY Small Business Loans from Five Star Bank
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Arkport, New York Business Gets SBA-Guaranteed Funding from Five Star BankAn SBA loan from Five Star Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Arkport, New York business owner got a $100,000 loan. This growing company knew how to go about getting a business bank loan. Based in Arkport, New York, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Five Star Bank, based in Hornell, New York. SBA Loan Borrower COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS SBA Loan Lender FIVE STAR BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA small business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1542 - General Contracting for Nonresidential Buildings NAICS Code 233320 - Commercial and Institutional Building Construction Loan Approval Date 5/31/2001 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $75,000. 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 6 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Five Star 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: Find an SBA Lender in Hornell, New York
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