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November 21, 2024 |
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| Home > Small Business Lenders by State > Kansas Business Loan Sources > Colwich, Business Loans > Legacy Bank Colwich Business Loans > Personal Services Loan | ||||
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How Hard Is It to Get a Small Business Loan in Wichita, Kansas?
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Bank Loans for Formal Wear and Costume RentalLooking for bank loans for formal wear and costume rental? Talk to a banker who works with the SBA. This $1,176,500 formal wear and costume rental loan was issued by a Kansas bank. This company knew how to go about getting a business bank loan. Based in Wichita, Kansas, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Legacy Bank, based in Colwich, Kansas. SBA Loan Borrower COMPANY TYPE: PERSONAL SERVICES SBA Loan Lender LEGACY BANK This commercial loan 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 7299 - Personal Services NAICS Code 532220 - Formal Wear and Costume Rental Loan Approval Date 12/8/2003 Loan Approval Gross Amount $1,176,500 Loan Approval from the SBA Of the total $1,176,500 loan amount, the SBA guaranteed $882,375. 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 33 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to 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: Obtaining Funding - How to Decide How Much to Raise Find an SBA Lender in Colwich, Kansas
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