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November 21, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Animal Food Manufacturing Loan | ||||
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Bank Of America
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Business Loan from Bank Of America Given to Animal Food Manufacturing CompanyBank Of America has a track record as a leading provider of SBA loans. Find out how this New Mexico entrepreneur received an SBA loan from them. This growing company knew how to go about getting a business bank loan. Based in Albuquerque, New Mexico, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Bank Of America, based in Charlotte, North Carolina. SBA Loan Borrower COMPANY TYPE: ANIMAL FOOD MANUFACTURING SBA Loan Lender BANK OF AMERICA This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 311119 - Animal Food Manufacturing Loan Approval Date 9/13/2002 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $37,500. 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 only one employee. The loan application indicated that the loan would help generate 5 new jobs and retain 1 existing job. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. 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: Realistic Debt Financing Options SBA Participating Banks in Charlotte, North Carolina
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