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November 15, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > St. Louis, Business Loans > Ge Cap. Small Business Finan Corp St. Louis Business Loans > Floor Covering Stores Loan | ||||
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How to Get SBA Loans in Clearwater, Florida
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Floor Covering Stores Small Business LoansLooking for small business loans for floor covering stores? An SBA loan may be just what you've been looking for. This $520,000 floor covering stores loan was issued by a Missouri bank. This company knew how to go about getting a business bank loan. Based in Clearwater, Florida, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Ge Cap. Small Business Finan Corp, based in St. Louis, Missouri. SBA Loan Borrower COMPANY TYPE: FLOOR COVERING STORES SBA Loan Lender GE CAP. SMALL BUSINESS FINAN CORP Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 442210 - Floor Covering Stores Loan Approval Date 2/9/2001 Loan Approval Gross Amount $520,000 Loan Approval from the SBA Of the total $520,000 loan amount, the SBA guaranteed $390,000. 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 5 employees. This SBA loan request indicated that the loan would help generate 20 new jobs and retain 5 existing jobs. Great, But How Can I Get an SBA Loan for My 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. 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: Accountant's Role in Securing Financing Getting an SBA Loan in Missouri
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