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May 18, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Geneva, Business Loans > Five Star Bank Geneva Business Loans > General Automotive Repair Shops Loan | ||||
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Getting an SBA 7A Loan in Rochester, New York
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Five Star Bank Gives SBA Loan to General Automotive Repair Shops CompanyLooking to get a New York business loan? This New York entrepreneur got a business loan, provided by a New York bank that works with the SBA to help small business owners. Getting a small business loan in Rochester, New York was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Five Star Bank. Here are the details on this New York small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender FIVE STAR BANK This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 2/14/2000 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $48,000. 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 3 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Five Star Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Obtaining Funding - How to Borrow Money Small Business Banks in Geneva, New York
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