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December 22, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Lee's Summit, Business Loans > Bank Of Lee's Summit Lee's Summit Business Loans > Commercial And Industrial Machinery And Equipment Loan | ||||
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SBA Lender Lee's Summit Missouri
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Where to Get Capital for Commercial and Industrial Machinery and EquipmentLooking for small business loans for commercial and industrial machinery and equipment? The SBA may be the answer. This $65,000 commercial and industrial machinery and equipment loan was issued by a Missouri bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lee's Summit, Missouri was able to borrow $65,000 from Bank Of Lee's Summit. The SBA made the loan possible by guaranteeing $55,250 of this Missouri small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT SBA Loan Lender BANK OF LEE'S SUMMIT This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811310 - Commercial and Industrial Machinery and Equipment Loan Approval Date 2/13/2003 Loan Approval Gross Amount $65,000 Loan Approval from the SBA Of the total $65,000 loan amount, the SBA guaranteed $55,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to 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: SBA Participating Banks in Lee's Summit, Missouri
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