Borrowing Money for Nursing Care Facilities

With these small business loans for nursing care facilities, the SBA guarantees the lender that the loan will be repaid. This nursing care facilities loan for $99,600 was given to a Texas entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Decotur, Texas, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Citibank, based in Dallas, Texas.

SBA Loan Borrower

COMPANY TYPE: NURSING CARE FACILITIES
DECOTUR, TX 76234

SBA Loan Lender

CITIBANK
8401 N CENTRAL EXPWY, STE 100
DALLAS, TX 75225

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623110 - Nursing Care Facilities

Loan Approval Date

4/26/2002

Loan Approval Gross Amount

$99,600

Loan Approval from the SBA

Of the total $99,600 loan amount, the SBA guaranteed $84,660.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Citibank and they will explain how you can get an SBA loan for your company.

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:

Small Business Loan

SBA Participating Banks in Dallas, Texas

Texas SBA 7A Banks