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May 16, 2024 |
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| Home > Small Business Lenders by State > Idaho Business Loan Sources > Twin Falls, Business Loans > Magic Valley Bank A Division - Twin Falls Business Loans > Paint And Wallpaper Stores Loan | ||||
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Banks for Bellevue Business Owners
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Bellevue, Idaho Entrepreneur Gets an SBA LoanBusiness loans in Idaho are are few and far betweeen these days. We take a look at one Idaho business loan, provided by an Idaho bank, that was approved by the SBA. This small business, based in Bellevue, Idaho, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Magic Valley Bank A Division -. We've got the inside scoop on this Idaho small business loan. SBA Loan Borrower COMPANY TYPE: PAINT AND WALLPAPER STORES SBA Loan Lender MAGIC VALLEY BANK A DIVISION - This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 444120 - Paint and Wallpaper Stores Loan Approval Date 2/28/2001 Loan Approval Gross Amount $77,000 Loan Approval from the SBA Of the total $77,000 loan amount, the SBA guaranteed $65,450. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Obtaining Funding From a Venture Capitalist Who Lends Money to Small Businesses in Twin Falls, Idaho
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