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November 15, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Convenience Stores Loan | ||||
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Getting a Business Loan from Bank Of America
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Business Loan from Bank Of America Given to Convenience Stores CompanyAn SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Independence, Missouri business owner got a $10,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Independence, Missouri was able to borrow $10,000 from Bank Of America. The SBA made the loan possible by guaranteeing $5,000 of this Missouri small business loan. SBA Loan Borrower COMPANY TYPE: CONVENIENCE STORES SBA Loan Lender BANK OF AMERICA The lender provided this small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 445120 - Convenience Stores Loan Approval Date 9/8/2003 Loan Approval Gross Amount $10,000 Loan Approval from the SBA Of the total $10,000 loan amount, the SBA guaranteed $5,000. 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 indicated that the loan would help retain 5 existing jobs. Start the Process for Getting an SBA Loan Today! Don't forget. To get an SBA loan, you must 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: Microlending as a Small Business Funding Source Find an SBA Lender in Charlotte, North Carolina
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