Hornell, New York Lender Lends Money to Fabricated Textile Products Company

Thinking about meeting with a Hornell, New York bank about a business loan? Here's one New York business loan, issued by a Hornell bank, that was approved by the SBA.

Applying for an SBA loan with Steuben Trust worked out well for our friends at one local firm in Dansville, New York. They got an SBA loan for $114,100. Sweet!

SBA Loan Borrower

COMPANY TYPE: FABRICATED TEXTILE PRODUCTS
DANSVILLE, NY 14437

SBA Loan Lender

STEUBEN TRUST
ONE STEUBEN SQ
HORNELL, NY 14843

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2399 - Fabricated Textile Products

NAICS Code

314999 - Textile Product Mills

Loan Approval Date

12/12/2001

Loan Approval Gross Amount

$114,100

Loan Approval from the SBA

Of the total $114,100 loan amount, the SBA guaranteed $96,985.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $114,100 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Microlending as a Small Business Funding Source

SBA 7A Lenders in Hornell, New York

Getting a Business Loan in New York