New York Bank Loan Issued to Electroplating, Plating, Polishing, Anodizing, And Coloring Company

Bank loans in New York are are few and far betweeen these days. We take a look at one New York bank loan, provided by a New York bank, that was approved by the SBA.

This company, based in Cuba, New York, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Five Star Bank. We've got the inside scoop on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTROPLATING, PLATING, POLISHING, ANODIZING, AND COLORING
CUBA, NY 14727

SBA Loan Lender

FIVE STAR BANK
129 N UNION ST
OLEAN, NY 14760

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

332813 - Electroplating, Plating, Polishing, Anodizing, and Coloring

Loan Approval Date

10/18/2005

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 8 employees. The SBA loan application for the borrower indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Cuba NY, you ought to talk with a local Cuba SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cuba businesses.

We can help you find the best banks for small businesses in Cuba or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Banking Deregulation's Effects on Entrepreneurship

Small Bank Loans in Olean, New York

Getting an SBA Loan in New York