Bank Of America Gives Small Business Loan to Support Activities For Air Transportation Company

Business loans in Arizona are are few and far betweeen these days. We take a look at one Arizona business loan, provided by a North Carolina bank, that was approved by the SBA.

By giving the right information to Bank Of America, this Tucson, Arizona business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: SUPPORT ACTIVITIES FOR AIR TRANSPORTATION
TUCSON, AZ 85745

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

488190 - Support Activities for Air Transportation

Loan Approval Date

1/15/2004

Loan Approval Gross Amount

$10,000

Loan Approval from the SBA

Of the total $10,000 loan amount, the SBA guaranteed $5,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 7 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are working on finding money to start a business in Tucson AZ, you ought to talk with a local Tucson SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Tucson 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:

Business Line of Credit

SBA Approved Banks in Charlotte, North Carolina

Getting an SBA Loan in North Carolina