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December 24, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Stanton, Business Loans > Whitaker Bank, Inc Stanton Business Loans > Hotels And Motels Loan | ||||
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Stanton, Kentucky SBA Banks
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Entrepreneur Works With Stanton, Kentucky Bank to Get an SBA LoanA Stanton, Kentucky SBA loan can be yours. Learn how one firm got a $35,000 business loan from this Kentucky bank. This loan to an entrepreneur is a good example of an SBA loan. Whitaker Bank, Inc made the loan and the SBA guaranteed a portion of the loan. Many other Kentucky entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender WHITAKER BANK, INC This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7011 - Hotels and Motels NAICS Code 721191 - Bed-and-Breakfast Inns Loan Approval Date 4/12/2002 Loan Approval Gross Amount $35,000 Loan Approval from the SBA Of the total $35,000 loan amount, the SBA guaranteed $29,750. 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 4 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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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