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December 22, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Roseville, Business Loans > Wachovia Sba Lending, Inc. Roseville Business Loans > Automotive Exhaust System Repair Loan | ||||
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SBA Lender Fort Lauderdale Florida
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Getting an SBA Loan for Automotive Exhaust System RepairLooking for business loans for automotive exhaust system repair? An SBA loan may be just what you've been looking for. This $1,586,000 automotive exhaust system repair loan was issued by a California bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fort Lauderdale, Florida was able to borrow $1,586,000 from Wachovia Sba Lending, Inc.. The SBA made the loan possible by guaranteeing $999,988 of this Florida small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE EXHAUST SYSTEM REPAIR SBA Loan Lender WACHOVIA SBA LENDING, INC. 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 811112 - Automotive Exhaust System Repair Loan Approval Date 9/20/2002 Loan Approval Gross Amount $1,586,000 Loan Approval from the SBA Of the total $1,586,000 loan amount, the SBA guaranteed $999,988. 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 4 employees. This SBA loan request indicated that the loan would help retain 4 existing jobs. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Accountant's Role in Securing Financing Best Banks for Small Business in Roseville, California
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