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May 18, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Fort Lee, Business Loans > Bnb Bank, National Association Fort Lee Business Loans > Men's And Boys' Clothing And Furnishing Wholesalers Loan | ||||
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Best Banks for New York, New York Small Business Owners
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Local Business Gets a New York SBA LoanWould a New York business loan help your company expand? If so, you may want to talk with this New Jersey bank, which offers SBA loans to New York entrepreneurs. Getting a small business loan in New York, New York was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Bnb Bank, National Association. Here are the details on this New York small business loan. SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' CLOTHING AND FURNISHING WHOLESALERS SBA Loan Lender BNB BANK, NATIONAL ASSOCIATION The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 422320 - Men's and Boys' Clothing and Furnishing Wholesalers Loan Approval Date 2/25/2003 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $150,000. 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 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. Related Links:
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