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April 30, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Dallas, Business Loans > Millennium State Bank Of Texas Dallas Business Loans > Coin-Operated Laundries And Drycleaners Loan | ||||
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SBA Lenders in Texas
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Millennium State Bank Of Texas SBA Loan to Coin-Operated Laundries And Drycleaners CompanyAn SBA loan from Millennium State Bank Of Texas typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Irving, Texas business owner got a $500,000 loan. Getting a small business loan in Irving, Texas was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Millennium State Bank Of Texas, operating out of Dallas, Texas. Here are the details on this Texas small business loan. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS SBA Loan Lender MILLENNIUM STATE BANK OF TEXAS This loan for a small business was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending background and a thorough understanding of SBA loan requirements. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 11/17/2004 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Realistic Debt Financing Options Good Banks for Small Business in Dallas, Texas
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