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May 5, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > New York City, Business Loans > Shinhan Bank America New York City Business Loans > Gasoline Stations With Convenience Stores Loan | ||||
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We Needed an SBA 7A Loan in Concord, California and We Got One!
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Borrowing Money for Gasoline Stations with Convenience StoresLooking for loans for gasoline stations with convenience stores? The SBA may be the answer. This $1,399,750 gasoline stations with convenience stores loan was issued by a New York bank. This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Shinhan Bank America, out of New York City, New York. The loan was granted and they received $1,399,750 to help grow their Concord, California business. SBA Loan Borrower COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES SBA Loan Lender SHINHAN BANK AMERICA This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 447110 - Gasoline Stations with Convenience Stores Loan Approval Date 10/11/2005 Loan Approval Gross Amount $1,399,750 Loan Approval from the SBA Of the total $1,399,750 loan amount, the SBA guaranteed $1,049,813. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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. Related Links: Accountant's Role in Securing Financing Best Banks for Small Business in New York City, New York Getting a Business Loan in New York
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