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November 15, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Lubbock, Business Loans > American Bank Of Commerce Lubbock Business Loans > Electrical Wiring Supplies Loan | ||||
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Texas SBA Lenders
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Lubbock, Texas Lender Lends Money to Electrical Wiring Supplies CompanyWant to talk with a Lubbock, Texas bank about a business loan? Here's one Texas business loan, issued by a Lubbock bank, that was approved by the SBA. Applying for an SBA loan with American Bank Of Commerce worked out well for our friends at one local business in Lubbock, Texas. They got an SBA loan for $495,000. Nice! SBA Loan Borrower COMPANY TYPE: ELECTRICAL WIRING SUPPLIES SBA Loan Lender AMERICAN BANK OF COMMERCE The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5063 - Electrical Wiring Supplies NAICS Code 421610 - Electrical Apparatus, Equipment, Wiring Supplies and Construction Materials Loan Approval Date 8/9/2000 Loan Approval Gross Amount $495,000 Loan Approval from the SBA Of the total $495,000 loan amount, the SBA guaranteed $371,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Banking Deregulation's Effects on Entrepreneurship Where to Get an SBA Loan in Lubbock, Texas
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