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November 15, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Mount Sterling, Business Loans > Traditional Bank, Inc. Mount Sterling Business Loans > Structural Wood Members Loan | ||||
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Traditional Bank, Inc. Small Business Richmond, KY
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Richmond, Kentucky Business Gets SBA-Guaranteed Funding from Traditional Bank, Inc.Traditional Bank, Inc. has a track record as a leading provider of SBA loans. Find out how this Kentucky entrepreneur received an SBA loan from them. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Richmond, Kentucky was able to borrow $80,000 from Traditional Bank, Inc.. The SBA made the loan possible by guaranteeing $68,000 of this Kentucky small business loan. SBA Loan Borrower COMPANY TYPE: STRUCTURAL WOOD MEMBERS SBA Loan Lender TRADITIONAL BANK, INC. This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 2439 - Structural Wood Members NAICS Code 321213 - Engineered Wood Member Manufacturing Loan Approval Date 9/26/2002 Loan Approval Gross Amount $80,000 Loan Approval from the SBA Of the total $80,000 loan amount, the SBA guaranteed $68,000. 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 5 employees. The SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Traditional Bank, Inc. and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA Banks in Mount Sterling, Kentucky
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