SBA Loan from Liberty Bank Helps Repair Shops And Related Services Company
Liberty Bank has a track record as a leading provider of SBA loans. Find out how this Missouri entrepreneur received an SBA loan from them.
This small firm knew how to go about getting a business bank loan. Based in Stockton, Missouri, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Liberty Bank, based in Springfield, Missouri.
SBA Loan Borrower
COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES
STOCKTON, MO 65785
SBA Loan Lender
LIBERTY BANK
1414 E PRIMROSE
SPRINGFIELD, MO 65804
This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . 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. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7699 - Repair Shops and Related Services
NAICS Code
811411 - Home and Garden Equipment Repair and Maintenance
Loan Approval Date
7/26/2004
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 3 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
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:
Bank Credit Lines
Where to Get an SBA Loan in Springfield, Missouri
Getting a Business Loan in Missouri