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December 25, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Bryan, Business Loans > Texas Enterprise Bank Bryan Business Loans > Drycleaning And Laundry Services Loan | ||||
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I Need an SBA 7A Loan in Magnolia, Texas
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Where to Get Capital for Drycleaning and Laundry ServicesLooking for small business loans for drycleaning and laundry services? Talk to a banker who works with the SBA. This $205,000 drycleaning and laundry services loan was issued by a Texas bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Magnolia, Texas was able to borrow $205,000 from Texas Enterprise Bank. The SBA made the loan possible by guaranteeing $153,750 of this Texas small business loan. SBA Loan Borrower COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES SBA Loan Lender TEXAS ENTERPRISE BANK This lender issued this small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812320 - Drycleaning and Laundry Services Loan Approval Date 4/24/2007 Loan Approval Gross Amount $205,000 Loan Approval from the SBA Of the total $205,000 loan amount, the SBA guaranteed $153,750. 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 company promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: Determining Proper Capital Structure for a Business Small Bank Loans in Bryan, Texas
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