Business Loan from Umb Bank Given to Drycleaning Plants Company
Umb Bank has a track record as a leading provider of SBA loans. Find out how this Missouri entrepreneur received an SBA loan from them.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Springfield, Missouri was able to borrow $140,000 from Umb Bank. The SBA made the loan possible by guaranteeing $119,000 of this Missouri small business loan.
SBA Loan Borrower
COMPANY TYPE: DRYCLEANING PLANTS
SPRINGFIELD, MO 65807
SBA Loan Lender
UMB BANK
1010 GRAND BLVD
KANSAS CITY, MO 64106
This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7216 - Drycleaning Plants
NAICS Code
812320 - Drycleaning and Laundry Services
Loan Approval Date
6/7/2002
Loan Approval Gross Amount
$140,000
Loan Approval from the SBA
Of the total $140,000 loan amount, the SBA guaranteed $119,000.
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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
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:
The Friends and Family Network
Best Banks in Kansas City, Missouri
Getting an SBA Loan in Missouri