SBA Loan from Wachovia Bank Helps Refrigeration And Air-Conditioning Service Company

An SBA loan from Wachovia Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Port Richey, Florida business owner got a $75,000 loan.

This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Wachovia Bank, out of West Palm Beach, Florida. The loan was granted and they received $75,000 to help grow their Port Richey, Florida business.

SBA Loan Borrower

COMPANY TYPE: REFRIGERATION AND AIR-CONDITIONING SERVICE
PORT RICHEY, FL 34668

SBA Loan Lender

WACHOVIA BANK
450 AUSTRALIAN AVE
WEST PALM BEACH, FL 33401

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7623 - Refrigeration and Air-Conditioning Service

Loan Approval Date

6/26/2000

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $60,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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.

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