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May 14, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Buffalo, Business Loans > Manufacturers & Traders Trust Buffalo Business Loans > Limousine Service Loan | ||||
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Raising Money in Hopewell Junction, New York With SBA Loans
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Limousine Service LoansWith these loans for limousine service, the SBA guarantees the lender that the loan will be repaid. This limousine service loan for $30,000 was given to a New York entrepreneur in 2005. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hopewell Junction, New York was able to borrow $30,000 from Manufacturers & Traders Trust. The SBA made the loan possible by guaranteeing $15,000 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: LIMOUSINE SERVICE SBA Loan Lender MANUFACTURERS & TRADERS TRUST 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 485320 - Limousine Service Loan Approval Date 5/18/2005 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $15,000. 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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Manufacturers & Traders Trust and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Obtaining Funding - How to Borrow Money Best Buffalo, New York Banks for Small Business
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