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November 15, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Sebring, Business Loans > Highlands Independent Bank Sebring Business Loans > Frozen Fruits, Fruit Juices, And Vegetables Loan | ||||
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Examples of Sebring SBA Loans
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Business Loans for Frozen Fruit, Juice, and Vegetable ManufacturingLooking for business loans for frozen fruit, juice, and vegetable manufacturing? Try the SBA. This $500,000 frozen fruit, juice, and vegetable manufacturing loan was issued by a Florida bank. This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Highlands Independent Bank, out of Sebring, Florida. The loan was granted and they received $500,000 to help grow their Sebring, Florida business. SBA Loan Borrower COMPANY TYPE: FROZEN FRUITS, FRUIT JUICES, AND VEGETABLES SBA Loan Lender HIGHLANDS INDEPENDENT BANK 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 loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 2037 - Frozen Fruits, Fruit Juices, and Vegetables NAICS Code 311411 - Frozen Fruit, Juice, and Vegetable Manufacturing Loan Approval Date 3/30/2005 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 20 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: SBA 7A Lenders in Sebring, Florida
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