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May 3, 2024 |
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| Home > Small Business Lenders by State > Kansas Business Loan Sources > Hutchinson, Business Loans > Peoples Bank & Trust Co. Hutchinson Business Loans > Top And Body Repair And Paint Shops Loan | ||||
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How to Get SBA Loans in Burrton, Kansas
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Bank Loans for Automotive Body, Paint, and Interior Repair and MaintenanceLooking for bank loans for automotive body, paint, and interior repair and maintenance? The SBA may be the answer. This $103,200 automotive body, paint, and interior repair and maintenance loan was issued by a Kansas bank. This company knew how to go about getting a business bank loan. Based in Burrton, Kansas, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Peoples Bank & Trust Co., based in Hutchinson, Kansas. SBA Loan Borrower COMPANY TYPE: TOP AND BODY REPAIR AND PAINT SHOPS SBA Loan Lender PEOPLES BANK & TRUST CO. This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7532 - Top and Body Repair and Paint Shops NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 1/7/2000 Loan Approval Gross Amount $103,200 Loan Approval from the SBA Of the total $103,200 loan amount, the SBA guaranteed $77,400. More Information on This SBA Loan The borrower 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 application for the borrower 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 Although it's called an SBA loan, 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 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: Good Banks for Small Business in Hutchinson, Kansas Where to Get an SBA Loan Kansas
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