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December 22, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Dixon, Business Loans > Mid America Bank & Trust Dixon Business Loans > Gum And Wood Chemical Manufacturing Loan | ||||
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SBA Lenders in Missouri
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Mid America Bank & Trust SBA Loan to Gum And Wood Chemical Manufacturing CompanyAn SBA loan from Mid America Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Raymondville, Missouri business owner got a $1,391,225 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Raymondville, Missouri was able to borrow $1,391,225 from Mid America Bank & Trust. The SBA made the loan possible by guaranteeing $1,043,418 of this Missouri small business loan. SBA Loan Borrower COMPANY TYPE: GUM AND WOOD CHEMICAL MANUFACTURING SBA Loan Lender MID AMERICA BANK & TRUST 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 bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 325191 - Gum and Wood Chemical Manufacturing Loan Approval Date 5/16/2006 Loan Approval Gross Amount $1,391,225 Loan Approval from the SBA Of the total $1,391,225 loan amount, the SBA guaranteed $1,043,418. 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 SBA loan documents did not indicate that the small business planned to use the money to hire new 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:
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