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November 14, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Elk Grove Village, Business Loans > First American Bank Elk Grove Village Business Loans > Plumbing And Hydronic Heating Supplies Loan | ||||
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First American Bank Coral Gables
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Coral Gables, Florida Business Gets SBA-Guaranteed Funding from First American BankFirst American Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Florida entrepreneur who tapped into the power of SBA loans. This small firm knew how to go about getting a business bank loan. Based in Coral Gables, Florida, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was First American Bank, based in Elk Grove Village, Illinois. SBA Loan Borrower COMPANY TYPE: PLUMBING AND HYDRONIC HEATING SUPPLIES SBA Loan Lender FIRST AMERICAN BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5074 - Plumbing and Hydronic Heating Supplies NAICS Code 421720 - Plumbing and Heating Equipment and Supplies Wholesalers Loan Approval Date 8/13/2004 Loan Approval Gross Amount $2,000,000 Loan Approval from the SBA Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000. 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. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. 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: Where to Get an SBA Loan in Elk Grove Village, Illinois
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