Finding a SBA Lender in the New York Area

January 31, 2007; 01:06 AM

Doing the research before applying for a loan is one of the most important things for the small business owner. Acquiring the correct loan, the correct amount needed and not underestimating the cost of the loan are the steps leading to the perfect lender and the perfect loan.

“SBA loans and their lenders are a real asset to the small business borrower,” said Tom Markel, CEO and Chairman of Credentrust Software that powers iBank.com. “Running all over town finding the right SBA lender is a thing of the past. With today’s technology and advance software used by ibank.com, small business owners have the capability of filling out just one application, store it in an online secured Vault, and then have the lenders come to them. All in real time, 24/7, anytime anywhere.”

Other lenders in the New York area are Manhattan Borough Development Corp, Community Development Corp. of Long Island, New York Association for New Americans, Renaissance Economic Development Corporation, and the Brooklyn Economic Development Corporation. All but one of the above mentioned financial institutions service the New York area and its surrounding five boroughs.

The SBA administers three separate loan programs and sets the guidelines while its partners make the actual funding decisions to small businesses. These are independent lenders that receive full faith and credit backing from the Federal Government. The local SBA office for the New York district is located at:

26 Federal Plaza, Suite 3100, New York, NY 10278, (212) 264-4354 Phone, (212) 264-4963 Fax

“The convenience of the internet and iBank has provided an easy way for the borrower to submit a SBA proposal. Moreover, this convenience has allowed the lender to gather hundreds of loan request and process them with our prequal questions or, in some cases, full blown applications,” said Erik Hamilton, iBank’s Lender Business Development Manager. “We’re breaking down the boundaries that often time surround the SBA loan process. Our system helps the borrower to take an often time difficult application and get it into the hands of qualified lenders. And that’s what it’s all about, connecting the right borrower with the correct lender.”