Business Loan from Canandaigua National Bank & Trust Given to Industrial And Commercial Machinery And Equipment Company

An SBA loan from Canandaigua National Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Newark, New York business owner got a $125,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Newark, New York was able to borrow $125,000 from Canandaigua National Bank & Trust. The SBA made the loan possible by guaranteeing $106,250 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
NEWARK, NY 14513

SBA Loan Lender

CANANDAIGUA NATIONAL BANK & TRUST
1150 PITTSFORD VICTOR RD
PITTSFORD, NY 14534

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

12/22/2003

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 14 employees. The loan application did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a company in Newark NY, you ought to talk with a local Newark SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Newark businesses.

This SBA loan was for $125,000. How would you spend $125,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Advice on Getting a Small Business Loan

Banks in Pittsford, New York

Getting an SBA Loan in New York