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November 21, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Support Activities For Oil And Gas Operations Loan | ||||
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Getting a Small Business Loan from Bank Of America
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Houston, Texas Business Gets SBA-Guaranteed Funding from Bank Of AmericaBank Of America 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 Texas entrepreneur who tapped into the power of SBA loans. This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Bank Of America, out of Charlotte, North Carolina. The loan was granted and they received $50,000 to help grow their Houston, Texas business. SBA Loan Borrower COMPANY TYPE: SUPPORT ACTIVITIES FOR OIL AND GAS OPERATIONS SBA Loan Lender BANK OF AMERICA This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 213112 - Support Activities for Oil and Gas Operations Loan Approval Date 3/19/2002 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 6 employees. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 6 existing jobs. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of America and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Banks in Charlotte, North Carolina Find an SBA Lender in North Carolina
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