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May 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Warwick, Business Loans > Home Loan Invest Bank F.S.B. Warwick Business Loans > General Automotive Repair Loan | ||||
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Small Business Banks for Small Business Owners in New York
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New York Small Business Loan Issued to General Automotive Repair CompanyNew YorkBusiness loans are available to New York business owners through the SBA. In this case, a Rhode Island bank provides the loan. This company, based in Patchogue, New York, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Home Loan Invest Bank F.S.B.. We've got the inside scoop on this New York small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender HOME LOAN INVEST BANK F.S.B. As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 6/5/2006 Loan Approval Gross Amount $515,000 Loan Approval from the SBA Of the total $515,000 loan amount, the SBA guaranteed $386,250. 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 documents indicated that the loan would help generate 1 new job and retain 1 existing job. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. This SBA loan was for $515,000. How would you spend $515,000 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: Accountant's Role in Securing Financing SBA Participating Banks in Warwick, Rhode Island
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