Borrowing Money for Boat Dealers

With these loans for boat dealers, the SBA guarantees the lender that the loan will be repaid. This boat dealers loan for $537,300 was given to an Alabama entrepreneur in 2001.

This small firm knew how to go about getting a business bank loan. Based in Phenix City, Alabama, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Colonial Bank, based in Columbus, Georgia.

SBA Loan Borrower

COMPANY TYPE: BOAT DEALERS
PHENIX CITY, AL 36867

SBA Loan Lender

COLONIAL BANK
6100 WHITESVILLE RD
COLUMBUS, GA 31904

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5551 - Boat Dealers

NAICS Code

441222 - Boat Dealers

Loan Approval Date

3/20/2001

Loan Approval Gross Amount

$537,300

Loan Approval from the SBA

Of the total $537,300 loan amount, the SBA guaranteed $402,975.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

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:

The Art of Bootstrapping

Small Business Banks in Columbus, Georgia

Getting an SBA Loan in Georgia