Borrowing Money for Footwear Merchant Wholesalers

With these loans for footwear merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This footwear merchant wholesalers loan for $475,000 was given to a Louisiana entrepreneur in 2007.

Getting a small business loan in Covington, Louisiana was important for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Parish National Bank, operating out of Covington, Louisiana. Here are the details on this Louisiana small business loan.

SBA Loan Borrower

COMPANY TYPE: FOOTWEAR MERCHANT WHOLESALERS
COVINGTON, LA 70433

SBA Loan Lender

PARISH NATIONAL BANK
805 COLLINS BLVD
COVINGTON, LA 70433

This lender issued this SBA bank loan under the SBA's 7(a) guaranteed loan 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

424340 - Footwear Merchant Wholesalers

Loan Approval Date

2/13/2007

Loan Approval Gross Amount

$475,000

Loan Approval from the SBA

Of the total $475,000 loan amount, the SBA guaranteed $356,250.

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 4 employees. The loan application did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

How Equity Dilution Works

Good Banks for Small Business in Covington, Louisiana

SBA Lenders in Louisiana