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December 18, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Austin, Business Loans > First State Bank Central Texas Austin Business Loans > Boat Dealers Loan | ||||
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SBA Lenders Texas
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Austin, Texas Lender Lends Money to Boat Dealers CompanyThinking about meeting with an Austin, Texas bank about a small business loan? Here's one Texas business loan, issued by an Austin bank, that was approved by the SBA. Applying for an SBA loan with First State Bank Central Texas worked out well for our friends at one local company in Harker Heights, Texas. They received an SBA loan for $522,600. Sweet! SBA Loan Borrower COMPANY TYPE: BOAT DEALERS SBA Loan Lender FIRST STATE BANK CENTRAL TEXAS As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441222 - Boat Dealers Loan Approval Date 10/27/2006 Loan Approval Gross Amount $522,600 Loan Approval from the SBA Of the total $522,600 loan amount, the SBA guaranteed $391,950. 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 loan application indicated that the loan would help generate 5 new jobs and retain 13 existing jobs. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Best Austin, Texas Banks for Small Business
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