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| Entrepreneur Resources | Hsbc Bank Usa Buffalo Business Loans | ||||
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SBA Loan from Hsbc Bank Usa
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Miami, Florida Business Gets SBA-Guaranteed Funding from Hsbc Bank UsaHsbc Bank Usa and the SBA work together to get business loans for growing small businesses. Here's an example of how a Florida entrepreneur was able to get a loan to take a small business to the next level.
Best Equipment & Repair, Inc. received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Hsbc Bank Usa, out of Buffalo, New York. The loan was granted and they received $450,000 to help grow their Miami, Florida business. SBA Loan Borrower BEST EQUIPMENT & REPAIR, INC. SBA Loan Lender HSBC BANK USA The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5083 - Farm and Garden Machinery and Equipment NAICS Code 444210 - Outdoor Power Equipment Stores Loan Approval Date 5/15/2003 Loan Approval Gross Amount $450,000 Loan Approval from the SBA Of the total $450,000 loan amount, the SBA guaranteed $337,500. More Information on This SBA Loan The borrower, Best Equipment & Repair, Inc., borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 20 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees. This loan was paid in full, and was closed out on 6/16/2004. Start the Process for Getting an SBA Loan Today! If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source 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 SBA loan database. Related Links: Banking Deregulation's Effects on Entrepreneurship SBA Approved Banks in Buffalo, New York Browse All Business Loan Sources for New York If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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