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May 29, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Dallas, Business Loans > Comerica Bank Dallas Business Loans > Full-Service Restaurants Loan | ||||
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Banks for North Richland Hills Business Owners
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North Richland Hills, Texas Entrepreneur Gets an SBA LoanSmall business loans in Texas are hard to find these days. We take a look at one Texas small business loan, provided by a Texas bank, that was approved by the SBA. Getting a small business loan in North Richland Hills, Texas was a top priority for this small company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Comerica Bank. Here are the details on this Texas small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender COMERICA BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 5/8/2006 Loan Approval Gross Amount $520,000 Loan Approval from the SBA Of the total $520,000 loan amount, the SBA guaranteed $390,000. 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 40 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 40 existing jobs. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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:
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