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November 15, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > State College, Business Loans > Nittany Bank, A Division Of State College Business Loans > Medical, Dental And Hospital Equipment Loan | ||||
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Nittany Bank, A Division Of
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State College, Pennsylvania Business Gets SBA-Guaranteed Funding from Nittany Bank, A Division OfNittany Bank, A Division Of and the SBA work together to get business loans for growing small businesses. Here's an example of how a Pennsylvania entrepreneur was able to get a loan to take a small business to the next level. This small firm knew how to go about getting a business bank loan. Based in State College, Pennsylvania, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Nittany Bank, A Division Of, based in State College, Pennsylvania. SBA Loan Borrower COMPANY TYPE: MEDICAL, DENTAL AND HOSPITAL EQUIPMENT SBA Loan Lender NITTANY BANK, A DIVISION OF This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5047 - Medical, Dental and Hospital Equipment NAICS Code 423450 - Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers Loan Approval Date 4/13/2004 Loan Approval Gross Amount $196,500 Loan Approval from the SBA Of the total $196,500 loan amount, the SBA guaranteed $147,375. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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 Banks in State College, Pennsylvania
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