SBA Loan from Amer Bank Helps Faraday's Kitchen Store

Amer Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Texas entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Austin, Texas was able to borrow $240,000 from Amer Bank. The SBA made the loan possible by guaranteeing $180,000 of this Texas small business loan.

SBA Loan Borrower

FARADAY'S KITCHEN STORE
8917 OLD LAMPASAS TRAIL, #16
AUSTIN, TX 78750

SBA Loan Lender

AMER BANK
711 N CARANCAHUA
CORPUS CHRISTI, TX 78411

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA small business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5719 - Miscellaneous Homefurnishings Stores

NAICS Code

442299 - All Other Home Furnishings Stores

Loan Approval Date

4/21/2005

Loan Approval Gross Amount

$240,000

Loan Approval from the SBA

Of the total $240,000 loan amount, the SBA guaranteed $180,000.

More Information on This SBA Loan

The borrower, Faraday's Kitchen Store, borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

If Faraday's Kitchen Store can get an SBA loan, there's no reason you can't get an SBA loan too. The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Alternative Financing

Best Banks for Small Business in Corpus Christi, Texas

SBA Lenders in Texas

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