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| Entrepreneur Resources | American Bank Of Commerce Wolfforth Business Loans | ||||
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SBA 7A Banks for Austin, Texas Small Business Owners
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Floor Covering Stores Business LoansWith these business loans for floor covering stores, the SBA guarantees the lender that the loan will be repaid. This floor covering stores loan for $100,000 was given to a Texas entrepreneur in 2004.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Austin, Texas was able to borrow $100,000 from American Bank Of Commerce. The SBA made the loan possible by guaranteeing $50,000 of this Texas small business loan. SBA Loan Borrower CLASSIC FLOORING OF TEXAS INC SBA Loan Lender AMERICAN BANK OF COMMERCE This loan for a small business was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. 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 442210 - Floor Covering Stores Loan Approval Date 11/18/2004 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. More Information on This SBA Loan The borrower, Classic Flooring Of Texas Inc, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application indicated that the loan would help generate 6 new jobs and retain 6 existing jobs. This loan was paid in full, and was closed out on 8/30/2007. Start the Process for Getting an SBA Loan Today! 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. 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 SBA loan database. Related Links: Realistic Debt Financing Options SBA 7A Banks in Wolfforth, Texas 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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