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November 15, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Wellsboro, Business Loans > Citizens & Northern Bank Wellsboro Business Loans > Commercial And Institutional Building Construction Loan | ||||
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Citizens & Northern Bank
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Citizens & Northern Bank SBA Loan to Commercial And Institutional Building Construction CompanyAn SBA loan from Citizens & Northern Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Port Allegany, Pennsylvania business owner got a $85,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Citizens & Northern Bank, out of Wellsboro, Pennsylvania. The loan was granted and they received $85,000 to help grow their Port Allegany, Pennsylvania business. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INSTITUTIONAL BUILDING CONSTRUCTION SBA Loan Lender CITIZENS & NORTHERN BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 233320 - Commercial and Institutional Building Construction Loan Approval Date 3/25/2004 Loan Approval Gross Amount $85,000 Loan Approval from the SBA Of the total $85,000 loan amount, the SBA guaranteed $72,250. 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 only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Bank Loans in Wellsboro, Pennsylvania
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