Business Loan from Bank Midwest Given to Special Trade Contractors Company

An SBA loan from Bank Midwest typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Chesterfield, Missouri business owner got a $478,000 loan.

Getting a small business loan in Chesterfield, Missouri was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Bank Midwest, operating out of Chesterfield, Missouri. Here are the details on this Missouri small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIAL TRADE CONTRACTORS
CHESTERFIELD, MO 63005

SBA Loan Lender

BANK MIDWEST
15500 OLIVE BLVD
CHESTERFIELD, MO 63017

This lender issued this bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235990 - Special Trade Contractors

Loan Approval Date

12/17/2003

Loan Approval Gross Amount

$478,000

Loan Approval from the SBA

Of the total $478,000 loan amount, the SBA guaranteed $358,500.

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 7 employees. The SBA loan documents did not indicate that the business promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Midwest and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - Friends and Family

SBA Approved Banks in Chesterfield, Missouri

Missouri SBA Bank Lenders