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May 19, 2024 |
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| Home > Small Business Lenders by State > Wyoming Business Loan Sources > Gillette, Business Loans > Security State Bank Gillette Business Loans > Offices And Clinics Of Doctors Of Medicine Loan | ||||
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Gillette, Wyoming Bank for SBA Loans
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Physicians Bank LoansWith these bank loans for physicians, the SBA guarantees the lender that the loan will be repaid. This physicians loan for $874,076 was given to a Wyoming entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Gillette, Wyoming was able to borrow $874,076 from Security State Bank. The SBA made the loan possible by guaranteeing $655,557 of this Wyoming small business loan. SBA Loan Borrower COMPANY TYPE: OFFICES AND CLINICS OF DOCTORS OF MEDICINE SBA Loan Lender SECURITY STATE BANK This lender issued this SBA small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8011 - Offices and Clinics of Doctors of Medicine NAICS Code 621111 - Physicians Loan Approval Date 8/18/2004 Loan Approval Gross Amount $874,076 Loan Approval from the SBA Of the total $874,076 loan amount, the SBA guaranteed $655,557. 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 12 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to 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: SBA 7A Banks for Gillette, Wyoming Loans
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