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| Entrepreneur Resources | Bank Of America Charlotte Business Loans | ||||
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Austin, Texas Bank for SBA Loans
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Bass Electric Gets a Texas Business LoanSBA loans in Texas are hard to find these days. We take a look at one Texas SBA loan, provided by a North Carolina bank, that was approved by the SBA.
By giving the right information to Bank Of America, this Austin, Texas business was able to get an SBA loan. To get this loan, Bass Electric 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 Bass Electric SBA Loan Lender BANK OF AMERICA 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 238210 - Electrical Contractors and other Wiring Installation Contractors Loan Approval Date 6/7/2006 Loan Approval Gross Amount $35,000 Loan Approval from the SBA Of the total $35,000 loan amount, the SBA guaranteed $17,500. More Information on This SBA Loan The borrower, Bass Electric, borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 12 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 12 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Remember, 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Bass Electric needed a loan. Bank Of America probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America made the loan. The end result was that Bass Electric was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. About This SBA Loan Information: All SBA loan data displayed above comes from the government's SBA loan database. Related Links: Where to Get an SBA Loan in Charlotte, North Carolina Getting an SBA Loan in North Carolina If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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