Raising Money for Store Retailers
With these business loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $177,900 was given to a Texas entrepreneur in 2007.
This small business knew how to go about getting a business bank loan. Based in Missouri City, Texas, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Jpmorgan Chase Bank, based in Houston, Texas.
SBA Loan Borrower
COMPANY TYPE: STORE RETAILERS
MISSOURI CITY, TX 77459
SBA Loan Lender
JPMORGAN CHASE BANK
811 RUSK ST., 16TH FL
HOUSTON, TX 77002
The lender provided this bank 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
453998 - Store Retailers
Loan Approval Date
11/23/2007
Loan Approval Gross Amount
$177,900
Loan Approval from the SBA
Of the total $177,900 loan amount, the SBA guaranteed $88,950.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 2 existing jobs.
Next Steps for Getting an SBA Loan
If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.
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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