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May 11, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Jewelry Manufacturing Loan | ||||
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Bank Of America SBA Loans Northport (rr Name Old Northpo, NY
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Bank Of America SBA Loan to Jewelry Manufacturing CompanyBank Of America has a track record as a leading provider of SBA loans. Find out how this New York entrepreneur received an SBA loan from them. This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $6,200 to help grow their Northport (rr Name Old Northpo, New York business. SBA Loan Borrower COMPANY TYPE: JEWELRY MANUFACTURING SBA Loan Lender BANK OF AMERICA 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 339911 - Jewelry Manufacturing Loan Approval Date 2/24/2003 Loan Approval Gross Amount $6,200 Loan Approval from the SBA Of the total $6,200 loan amount, the SBA guaranteed $3,100. 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 SBA loan application for the borrower indicated that the loan would help retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Find an SBA Lender in Providence, Rhode Island
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