Cut Stone and Stone Product Manufacturing SBA Loans

With these SBA loans for cut stone and stone product manufacturing, the SBA guarantees the lender that the loan will be repaid. This cut stone and stone product manufacturing loan for $300,000 was given to a Florida entrepreneur in 2003.

This business knew how to go about getting a business bank loan. Based in Gainesville, Florida, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Merchants & Southern Bank, based in Gainesville, Florida.

SBA Loan Borrower

COMPANY TYPE: CUT STONE AND STONE PRODUCT MANUFACTURING
GAINESVILLE, FL 32653

SBA Loan Lender

MERCHANTS & SOUTHERN BANK
3631 N MAIN ST
GAINESVILLE, FL 32609

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide small business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

327991 - Cut Stone and Stone Product Manufacturing

Loan Approval Date

4/17/2003

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 8 employees. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

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Florida SBA 7A Banks