Small Business Loans for Men's and Boys' Cut and Sew Apparel Contractors
With these small business loans for men's and boys' cut and sew apparel contractors, the SBA guarantees the lender that the loan will be repaid. This men's and boys' cut and sew apparel contractors loan for $25,000 was given to a New York entrepreneur in 2005.
This small firm knew how to go about getting a business bank loan. Based in Grand Island, New York, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Hsbc Bank Usa, based in Syracuse, New York.
SBA Loan Borrower
COMPANY TYPE: MEN'S AND BOYS' CUT AND SEW APPAREL CONTRACTORS
GRAND ISLAND, NY 14072
SBA Loan Lender
HSBC BANK USA
360 S WARREN ST
SYRACUSE, NY 13202
This lender processed this SBA bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
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
315211 - Men's and Boys' Cut and Sew Apparel Contractors
Loan Approval Date
5/13/2005
Loan Approval Gross Amount
$25,000
Loan Approval from the SBA
Of the total $25,000 loan amount, the SBA guaranteed $12,500.
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 SBA loan documents indicated that the loan would help retain 3 existing jobs.
Getting an SBA Loan For Your Business
SBA loans provide money to small business owners for working capital for other expenses.
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.
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