Tonawanda, New York Business Gets SBA-Guaranteed Funding from Manufacturers & Traders Trust
Manufacturers & Traders Trust is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New York entrepreneur who tapped into the power of SBA loans.
This small firm knew how to go about getting a business bank loan. Based in Tonawanda, New York, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Manufacturers & Traders Trust, based in Amherst, New York.
SBA Loan Borrower
COMPANY TYPE: COMMERCIAL AIR, RAIL, AND WATER TRANSPORTATION EQUIPMENT RENTAL AND LEASING
TONAWANDA, NY 14150
SBA Loan Lender
MANUFACTURERS & TRADERS TRUST
4925 MAIN ST
AMHERST, NY 14226
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
532411 - Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing
Loan Approval Date
5/20/2005
Loan Approval Gross Amount
$75,000
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $63,750.
More Information on This SBA Loan
The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 6 employees. The SBA loan documents did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $75,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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:
SBIR Funding
Best Amherst, New York Banks for Small Business
Getting a Business Loan in New York