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December 19, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Bethany, Business Loans > Bank Northwest Bethany Business Loans > General Purpose Machinery Manufacturing Loan | ||||
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Banks Doing SBA Loans in Missouri
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Bethany, Missouri Lender Lends Money to General Purpose Machinery Manufacturing CompanyWant to talk with a Bethany, Missouri bank about an SBA loan? Here's one Missouri business loan, issued by a Bethany bank, that was approved by the SBA. Applying for an SBA loan with Bank Northwest worked out well for our friends at one local company in Bethany, Missouri. They received an SBA loan for $55,600. Nice! SBA Loan Borrower COMPANY TYPE: GENERAL PURPOSE MACHINERY MANUFACTURING SBA Loan Lender BANK NORTHWEST This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333999 - General Purpose Machinery Manufacturing Loan Approval Date 7/7/2003 Loan Approval Gross Amount $55,600 Loan Approval from the SBA Of the total $55,600 loan amount, the SBA guaranteed $47,260. 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 did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Microlending as a Small Business Funding Source Best Banks for Small Business in Bethany, Missouri
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