Growing Company Gets a Missouri Bank Loan

Would a Missouri bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Missouri bank, which offers SBA loans to Missouri entrepreneurs.

This company, based in Columbia, Missouri, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First National Bank & Trust. We've got the inside scoop on this Missouri small business loan.

SBA Loan Borrower

COMPANY TYPE: WARM AIR HEATING AND AIR-CONDITIONING EQUIPMENT AND SUPPPLIES WHOLESALERS
COLUMBIA, MO 65202

SBA Loan Lender

FIRST NATIONAL BANK & TRUST
801 E BROADWAY
COLUMBIA, MO 65205

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421730 - Warm Air Heating and Air-Conditioning Equipment and Suppplies Wholesalers

Loan Approval Date

7/18/2001

Loan Approval Gross Amount

$75,500

Loan Approval from the SBA

Of the total $75,500 loan amount, the SBA guaranteed $64,175.

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 2 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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:

The Friends and Family Network

SBA Banks in Columbia, Missouri

Getting an SBA Loan in Missouri