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May 17, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Lakeland, Business Loans > Wachovia Bank Lakeland Business Loans > Children's And Infants' Wear Stores Loan | ||||
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Wachovia Bank Lakeland
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Business Loan from Wachovia Bank Given to Children's And Infants' Wear Stores CompanyWachovia Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Florida entrepreneur was able to get a loan to take a small business to the next level. This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Wachovia Bank, out of Lakeland, Florida. The loan was granted and they received $50,000 to help grow their Lakeland, Florida business. SBA Loan Borrower COMPANY TYPE: CHILDREN'S AND INFANTS' WEAR STORES SBA Loan Lender WACHOVIA BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5641 - Children's and Infants' Wear Stores NAICS Code 448130 - Children's and Infants' Clothing Stores Loan Approval Date 11/23/2001 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. 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 company planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 - How to Borrow Money Best Lakeland, Florida Banks for Small Business
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