Entrepreneur Works With Grand Island, Nebraska Bank to Get an SBA Loan
Find Grand Island, Nebraska banks that specialize in SBA loans and know how to work with entrepreneurs. Five Points Bank is one such bank, as evidenced by this SBA loan to one business.
Finding a small business loan in Grand Island, Nebraska starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Five Points Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.
SBA Loan Borrower
COMPANY TYPE: FAMILY CLOTHING STORES
GRAND ISLAND, NE 68801
SBA Loan Lender
FIVE POINTS BANK
370 N WALNUT ST
GRAND ISLAND, NE 68801
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5651 - Family Clothing Stores
NAICS Code
448140 - Family Clothing Stores
Loan Approval Date
6/21/2000
Loan Approval Gross Amount
$10,000
Loan Approval from the SBA
Of the total $10,000 loan amount, the SBA guaranteed $8,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
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
SBA Participating Banks in Grand Island, Nebraska
Nebraska SBA 7A Lenders