Business Loan from Meridian Bank Given to Eating Places Company
Meridian Bank has a track record as a leading provider of SBA loans. Find out how this Arizona entrepreneur received an SBA loan from them.
This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Meridian Bank, out of Phoenix, Arizona. The loan was granted and they received $247,500 to help grow their Phoenix, Arizona business.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
PHOENIX, AZ 85027
SBA Loan Lender
MERIDIAN BANK
3550 N CENTRAL AVE, STE 150
PHOENIX, AZ 85012
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 debt financing to to our country's hard-working small business owners.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
9/16/2002
Loan Approval Gross Amount
$247,500
Loan Approval from the SBA
Of the total $247,500 loan amount, the SBA guaranteed $185,625.
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 14 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
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:
Small Business Credit Cards
SBA Participating Banks in Phoenix, Arizona
SBA Lenders in Arizona