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November 15, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Abilene, Business Loans > Citizens Bank Abilene Business Loans > Industrial Machinery And Equipment Loan | ||||
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SBA Lender Abilene, Texas
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Abilene, Texas Lender Lends Money to Industrial Machinery And Equipment CompanyWant to talk with an Abilene, Texas bank about an SBA loan? Here's one Texas business loan, issued by an Abilene bank, that was approved by the SBA. Applying for an SBA loan with Citizens Bank worked out well for our friends at one local firm in Abilene, Texas. They got an SBA loan for $437,500. Nice! SBA Loan Borrower COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT SBA Loan Lender CITIZENS BANK 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 small business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5084 - Industrial Machinery and Equipment NAICS Code 421830 - Industrial Machinery and Equipment Wholesalers Loan Approval Date 4/9/2003 Loan Approval Gross Amount $437,500 Loan Approval from the SBA Of the total $437,500 loan amount, the SBA guaranteed $328,125. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: Dealing With Venture Capitalists SBA 7A Lenders in Abilene, Texas
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