Getting an SBA Loan for Forest Nurseries and Gathering of Forest Products
With these SBA loans for forest nurseries and gathering of forest products, the SBA guarantees the lender that the loan will be repaid. This forest nurseries and gathering of forest products loan for $10,500 was given to a Pennsylvania entrepreneur in 2002.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Punxsutawney, Pennsylvania was able to borrow $10,500 from National City Bank. The SBA made the loan possible by guaranteeing $5,250 of this Pennsylvania small business loan.
SBA Loan Borrower
COMPANY TYPE: FOREST NURSERIES AND GATHERING OF FOREST PRODUCTS
PUNXSUTAWNEY, PA 15767
SBA Loan Lender
NATIONAL CITY BANK
801 STATE ST
ERIE, PA 16501
The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.
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
113210 - Forest Nurseries and Gathering of Forest Products
Loan Approval Date
8/15/2002
Loan Approval Gross Amount
$10,500
Loan Approval from the SBA
Of the total $10,500 loan amount, the SBA guaranteed $5,250.
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. This SBA loan request indicated that the loan would help retain 1 existing job.
Great, But How Can I Get an SBA Loan for My Business?
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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 National City Bank 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:
How Equity Dilution Works
Who Lends Money to Small Businesses in Erie, Pennsylvania
Getting an SBA Loan in Pennsylvania