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May 18, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Warsaw, Business Loans > Five Star Bank Warsaw Business Loans > Wood Products Loan | ||||
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New York Bank SBA Loans
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Five Star Bank SBA Loan to Wood Products CompanyLooking to get a New York business loan? Here's one New York business loan that was approved by the SBA. This growing firm needed an SBA business loan in Salamanca, New York back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Five Star Bank, operating out of Warsaw, New York. Here are the details on this New York small business loan. SBA Loan Borrower COMPANY TYPE: WOOD PRODUCTS SBA Loan Lender FIVE STAR BANK This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 2499 - Wood Products Loan Approval Date 6/21/2000 Loan Approval Gross Amount $275,000 Loan Approval from the SBA Of the total $275,000 loan amount, the SBA guaranteed $206,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 21 employees. The loan application did not indicate that the company planned to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Best Warsaw, New York Banks for Small Business Getting an SBA Loan in New York
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