Small Business Loans for New Multifamily Housing Construction

Looking for small business loans for new multifamily housing construction? Try the SBA. This $465,000 new multifamily housing construction loan was issued by a Georgia bank.

This small firm knew how to go about getting a business bank loan. Based in Duluth, Georgia, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Metro City Bank, based in Doraville, Georgia.

SBA Loan Borrower

COMPANY TYPE: NEW MULTIFAMILY HOUSING CONSTRUCTION
DULUTH, GA 30096

SBA Loan Lender

METRO CITY BANK
5441 BUFORD HWY
DORAVILLE, GA 30340

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

236116 - New Multifamily Housing Construction

Loan Approval Date

8/9/2007

Loan Approval Gross Amount

$465,000

Loan Approval from the SBA

Of the total $465,000 loan amount, the SBA guaranteed $348,750.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Metro City Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Metro City Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Determining Proper Capital Structure for a Business

Good Banks for Small Business in Doraville, Georgia

Georgia SBA 7A Banks