Getting an SBA Loan for Plumbing, Heating, and Air-Conditioning Contractors
Looking for commercial loans for plumbing, heating, and air-conditioning contractors? Talk to a banker who works with the SBA. This $500,000 plumbing, heating, and air-conditioning contractors loan was issued by a Missouri bank.
This small business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Commerce Bank, out of Kansas City, Missouri. The loan was granted and they received $500,000 to help grow their Springfield, Missouri business.
SBA Loan Borrower
COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS
SPRINGFIELD, MO 65803
SBA Loan Lender
COMMERCE BANK
1000 WALNUT ST
KANSAS CITY, MO 64141
This lender issued this debt financing under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
238220 - Plumbing, Heating, and Air-Conditioning Contractors
Loan Approval Date
10/31/2006
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 35 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Although it's called an SBA loan, you 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:
Small Business Credit Cards
Find an SBA Lender in Kansas City, Missouri
Missouri SBA Bank Lenders