Drywall, Plastering, Acoustical, and Insulation Contractors Bank Loans
Looking for bank loans for drywall, plastering, acoustical, and insulation contractors? The SBA may be the answer. This $100,000 drywall, plastering, acoustical, and insulation contractors loan was issued by a Rhode Island bank.
This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $100,000 to help grow their Latham, New York business.
SBA Loan Borrower
COMPANY TYPE: PLASTERING, DRYWALL, AND INSULATION
LATHAM, NY 12110
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This lender processed this SBA 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.
SIC Code
1742 - Plastering, Drywall, and Insulation
NAICS Code
235420 - Drywall, Plastering, Acoustical, and Insulation Contractors
Loan Approval Date
5/19/2000
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $50,000.
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 18 employees. The SBA loan documents indicated that the loan would help retain 18 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.
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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