Borrowing Money for Nursing Care Facilities
Looking for loans for nursing care facilities? The SBA may be the answer. This $1,000,000 nursing care facilities loan was issued by a Mississippi bank.
This small firm knew how to go about getting a business bank loan. Based in Grenada, Mississippi, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Merchants & Farmers Bank, based in Grenada, Mississippi.
SBA Loan Borrower
COMPANY TYPE: INTERMEDIATE CARE FACILITIES
GRENADA, MS 38901
SBA Loan Lender
MERCHANTS & FARMERS BANK
1655 SUNSET DR
GRENADA, MS 38901
This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
8052 - Intermediate Care Facilities
NAICS Code
623110 - Nursing Care Facilities
Loan Approval Date
10/3/2000
Loan Approval Gross Amount
$1,000,000
Loan Approval from the SBA
Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.
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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
Many small businesses receive loans backed by the U.S. Small Business Administration.
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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