Glasgow, Kentucky Business Gets SBA-Guaranteed Funding from South Cent. Bank - Barren County

South Cent. Bank - Barren County has a track record as a leading provider of SBA loans. Find out how this Kentucky entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Glasgow, Kentucky was able to borrow $59,000 from South Cent. Bank - Barren County. The SBA made the loan possible by guaranteeing $50,150 of this Kentucky small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
GLASGOW, KY 42141

SBA Loan Lender

SOUTH CENT. BANK - BARREN COUNTY
208 S BROADWAY
GLASGOW, KY 42141

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide 7A 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.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/22/2001

Loan Approval Gross Amount

$59,000

Loan Approval from the SBA

Of the total $59,000 loan amount, the SBA guaranteed $50,150.

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 only one employee. The loan application did not indicate that the business promised to use the money 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.

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:

Business Line of Credit

Where to Get an SBA Loan in Glasgow, Kentucky

SBA Participating Banks in Kentucky