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November 22, 2024 |
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| Home > Small Business Lenders by State > Montana Business Loan Sources > Glasgow, Business Loans > Valley Bank Of Glasgow Glasgow Business Loans > Heavy Construction Loan | ||||
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Valley Bank Of Glasgow
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Valley Bank Of Glasgow SBA Loan to Heavy Construction CompanyValley Bank Of Glasgow is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Montana entrepreneur who tapped into the power of SBA loans. This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Valley Bank Of Glasgow, out of Glasgow, Montana. The loan was granted and they received $382,900 to help grow their Glasgow, Montana business. SBA Loan Borrower COMPANY TYPE: HEAVY CONSTRUCTION SBA Loan Lender VALLEY BANK OF GLASGOW This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 234990 - Heavy Construction Loan Approval Date 10/22/2001 Loan Approval Gross Amount $382,900 Loan Approval from the SBA Of the total $382,900 loan amount, the SBA guaranteed $287,175. 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Where to Get an SBA Loan in Glasgow, Montana
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