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May 4, 2024 |
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| Home > Small Business Lenders by State > Idaho Business Loan Sources > Pocatello, Business Loans > Citizens Community Bank Pocatello Business Loans > Finish Carpentry Contractors Loan | ||||
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Get an SBA Loan from Citizens Community Bank
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Chubbuck, Idaho Business Gets SBA-Guaranteed Funding from Citizens Community BankCitizens Community 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 Idaho entrepreneur who tapped into the power of SBA loans. This growing company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Citizens Community Bank, out of Pocatello, Idaho. The loan was granted and they received $56,700 to help grow their Chubbuck, Idaho business. SBA Loan Borrower COMPANY TYPE: FINISH CARPENTRY CONTRACTORS SBA Loan Lender CITIZENS COMMUNITY BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 238350 - Finish Carpentry Contractors Loan Approval Date 6/21/2005 Loan Approval Gross Amount $56,700 Loan Approval from the SBA Of the total $56,700 loan amount, the SBA guaranteed $48,195. 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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Citizens Community Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Best Pocatello, Idaho Banks for Small Business Getting a Business Loan in Idaho
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