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May 9, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Lockport, Business Loans > First Niagara Bank Lockport Business Loans > Nonupholstered Wood Household Furniture Manufacturing Loan | ||||
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Advice for Small Business Owners On Getting a Loan
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Where to Get Capital for Nonupholstered Wood Household Furniture ManufacturingWith these small business loans for nonupholstered wood household furniture manufacturing, the SBA guarantees the lender that the loan will be repaid. This nonupholstered wood household furniture manufacturing loan for $600,000 was given to a New York entrepreneur in 2001. This company knew how to go about getting a business bank loan. Based in Buffalo, New York, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was First Niagara Bank, based in Lockport, New York. SBA Loan Borrower COMPANY TYPE: NONUPHOLSTERED WOOD HOUSEHOLD FURNITURE MANUFACTURING SBA Loan Lender FIRST NIAGARA BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 337122 - Nonupholstered Wood Household Furniture Manufacturing Loan Approval Date 4/2/2001 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $450,000. 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 15 employees. This SBA loan request did not indicate that the small business promised to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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 First Niagara 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: Obtaining Funding From a Venture Capitalist
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