San Juan, Bank Gives SBA Loan to Hardware Stores Company
Get to know San Juan, banks that specialize in business loans and know how to work with entrepreneurs. Banco Popular De Puerto Rico is one such bank, as evidenced by this SBA loan to a growing company.
Finding a small business loan in Caguas, starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Banco Popular De Puerto Rico. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.
SBA Loan Borrower
COMPANY TYPE: HARDWARE STORES
CAGUAS, PR 00726
SBA Loan Lender
BANCO POPULAR DE PUERTO RICO
209 MUNOZ RIVERA AVE, POPULAR
SAN JUAN, PR 00918
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5251 - Hardware Stores
NAICS Code
532412 - Construction, Mining, and Forestry Machinery Equipment Rental and Leasing
Loan Approval Date
1/27/2006
Loan Approval Gross Amount
$424,000
Loan Approval from the SBA
Of the total $424,000 loan amount, the SBA guaranteed $318,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 10 employees. This SBA loan request did not indicate that the company promised to use the funding 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.
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