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May 1, 2024 |
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| Home > Small Business Lenders by State > Business Loan Sources > New York, Business Loans > Grow America Fund Inc New York Business Loans > Book Stores Loan | ||||
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Raising Money in Florida (zona Urbana), With SBA Loans
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How to Get a Loan for Book StoresWith these commercial loans for book stores, the SBA guarantees the lender that the loan will be repaid. This book stores loan for $87,500 was given to a entrepreneur in 2001. This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Grow America Fund Inc, out of New York, New York. The loan was granted and they received $87,500 to help grow their Florida (zona Urbana), business. SBA Loan Borrower COMPANY TYPE: BOOK STORES SBA Loan Lender GROW AMERICA FUND INC As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 451211 - Book Stores Loan Approval Date 4/30/2001 Loan Approval Gross Amount $87,500 Loan Approval from the SBA Of the total $87,500 loan amount, the SBA guaranteed $74,375. 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 only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: A Company That Helps Entrepreneurs SBA 7A Banks in New York, New York
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